Cramer Remix: Where Buffett made the biggest impact

Was it really just the halo from Warren Buffett, or could there be other forces at work that led the market higher on Monday? Jim Cramer thinks that it could be more than just the Oracle of Omaha at work for investors.

Or could it be an understanding that the dollar has peaked and Wall Street is done with estimate cuts? Or perhaps it's just that there is a ton of interest in high-growth stocks lifted by a positive news flow?

"I think it's a combination of all three—Buffett, the dollar top and high-growth adoration—that resulted in this rally, the best back-to-back days since February," the "Mad Money" host said.

First, Cramer thinks that Buffett made investors feel good about owning stocks. Buffett embodies the idea that investing in stocks is a good thing, even when they can—and do—go down.

The second thing that happened was the big sea-change that Cramer keeps referencing. He sees that the dollar has peaked, and soon those companies that have seen their earnings reduced because of overseas exposure could levitate back. He urged investors to keep track of major international players, like Cisco, to confirm that this trend is real.

The third leg of Monday's rally was the love affair for high-growth stocks that was rekindled on Friday. Cramer thinks it is all based on news. Biotech was sparked by Gilead reporting last week, and Taser jumped again, too.

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Warren Buffett, chairman of Berkshire Hathaway Inc.
Lacy O'Toole | CNBC
Warren Buffett, chairman of Berkshire Hathaway Inc.

Cramer loves it when the market does something really stupid, because generally that means investors will get a great bargain as a result. He has been following Dow Chemical, because it has followed suit of big stocks like PPG and DuPont that have paid off big time.

Dow is in the process of transforming itself by selling off its commodity chemical business to focus on higher value added, higher-margin proprietary chemicals. On Monday, it announced that it would lay off approximately 3 percent of its workforce, which would ultimately result in $300 million in annual cost savings.

And while Cramer never likes it when anyone loses a job and is never a fan of firing people, the bottom line for Cramer is that as an investor, this move is positive for shareholders.

In fact, he thinks it is totally nuts that the market barely even blinked at this news. To find out more, Cramer spoke with Dow Chemical chairman and CEO Andrew Liveris.

"Today's announcement is an example of creating an agile more market driven Dow, with less cost structures, and more investment where investment should be as the market place with customers," Liveris said.

As the market reeled on the halo effect of Buffett's annual shareholder meeting for Berkshire Hathaway, Cramer took a closer look at the Oracle of Omaha's portfolio.

"Just as we can't judge a book by its cover, we can't judge this man by his big four," Cramer said.

The "Mad Money" host has always been adamant that investors should not simply follow Buffett's stock picks, as it is really these companies' regular business and amount of cash flow driving the stocks.

Instead, Cramer thinks it makes more sense to follow Buffett's company, Berkshire Hathaway, rather than the investor. Why? Because you want all of his stocks. Not just a couple!

With this perspective in mind, what do you do with the big four mainstays of Buffett's investment portfolio—American Express, Coca-Cola, IBM and Wells Fargo?

"To me, Wells Fargo is the least tired of the big four, the most inventive and the one with the best growth."

So, if you are an investor looking to start fresh in each sector, Cramer's vote is for Mastercard or Visa over American Express, PepsiCo instead of Coca-Cola, Apple instead of IBM and to keep the best of the banks Wells Fargo.

Read More Cramer: Buffett's big four stocks—worth owning?

Ali Partovi speaks at the New York Times Food For Tomorrow conference at the Stone Barns Center for Food and Agriculture, Nov. 12, 2014, in Pocantico Hills, N.Y.
Getty Images for New York Times
Ali Partovi speaks at the New York Times Food For Tomorrow conference at the Stone Barns Center for Food and Agriculture, Nov. 12, 2014, in Pocantico Hills, N.Y.

With the market making this big sea-change, Cramer thought it would be a good time to circle back to some of the down and out biotech names that have been out of favor recently.

Isis Pharma carved the way in development in anti-sense technology. Cramer started recommending this one more than two years ago, because of the company's attractive pipeline of 38 drugs in development.

And while the stock has more than tripled since that time, it has taken a heavy hit in the past month and a half. On Monday, investors learned that Isis has licensed its drug FXI to Bayer, in exchange for $155 billion in near-term milestone payments, along with tiered royalties when the drug hits the market.

With this new partnership with Bayer, could it be time to take a closer look at Isis Pharma? Cramer spoke with its chairman and CEO, Dr. Stanley Crooke, to find out more.

"The thing that gives me the most comfort is Bayer knows its space. They know what the potential affect for FXI and of course they have to begin to think about replacing the revenues from Xarelto when it goes off patent, so we had a lot of interest. We considered a lot of companies, and Bayer was by far the best choice in our opinion," Dr. Crooke said.

As the United States transitions its eating habits to embrace more organic and natural foods, Buffettmade a wholehearted endorsement of junk food at Berkshire Hathaway's annual meeting this weekend.

Cramer could see how this makes sense for the Oracle of Omaha, given Berkshire's ownership of Dairy Queen and sizeable positions in Heinz, Coca-Colaand Kraft.

"All of which are great brands, but they're also old-fashioned, non-natural, non-organic pantry brands," the "Mad Money" host said.

In this case, Cramer thinks Buffett could be missing the bigger picture. Everywhere around us are stories swirling about how the food industry has embraced healthy eating and natural foods. One person who has embraced this movement is Ali Partovi, a visionary angel investor, start-up advisor and entrepreneur.

"You can't make a generic statement, but organic food is more expensive. Not because organic farming is more expensive but simply because of supply and demand," Partovi said.

Read More Cramer: Warren Buffett's biggest diet nightmare

In the Lightning Round, Cramer gave his take on a few caller favorite stocks:

Genworth Financial Inc: "I still do not like that particular part of the business that is long-term care. I know the company's doing many things right to be able to make it okay, but I don't like it."

CH Robinson Worldwide Inc: "I like logistics, I think it's OK. But I think there are other players that are better in the gain."

Read MoreLightning Round: Investors were wrong to sell this

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