Have your own opinion, and you'll know when to pull the trigger. That was Jim Cramer's lesson to investors who were burned by Warren Buffett's moves on the stock market Wednesday.
"I've long been a believer in doing your own homework and finding your own comfort level with individual stocks," said the "Mad Money" host.
That means it is a bad idea to blindly piggyback on the investments made by anyone, let alone Warren Buffett or even Jim Cramer. And if you are an investor who is not willing to do the homework on individual stocks, then Cramer recommends investing in an index fund.
However, many investors do not agree with Cramer's view and insist upon copying the moves of famous money managers or CEOs. They think that if they link their investments to a rich star, they can reap the benefits without any real work.
"If you like oil, you should own Exxon. If you don't like oil, you should sell it. Don't try to mimic Buffett—you'll just get burned," Cramer added.
After spending a year buried in the competition in the natural and organic space, Jim Cramer thinks Whole Foods Market finally has its mojo back.
The stock initially peaked in October of 2013 at $65, and then fell down to the mid-$30s a year later. This drop inspired Whole Foods management to kick into action and institute new innovations both within a customer experience and value perspective.
The company responded by cutting prices, renovating stores and adding technological improvements that have been a game changer.
Can this stock keep soaring? To find out, Cramer sat down Wednesday on "Mad Money" with Whole Foods Market Co-CEO Walter Robb.
"I think you have to be relevant on price, so you can talk about quality, because we are about ultimately the quality. Quality of the food, quality of the experience for the customers, quality of the workplace for the team members and all of those things together," said Robb.
Read More Cramer: How Apple got Whole Foods' mojo back
Yipee! Starbucks hit an all-time high on Wednesday, and continues to get stronger and stronger over time. However before jumping for joy, Cramer wants to make sure that investors are putting the stock in their portfolio for the right reasons.
Cramer added that if an investment in Starbucks is made for the reasons, this is the ingredient that will lead to long-term growth and prosperity with the stock. Not the weak handed investors who might be in it for the wrong reasons, such as the price of coffee.
Coffee prices have been steadily dropping since October, and during this time investors finally took the time to notice what Starbucks has to offer outside of the price of coffee; such as its outstanding performance, customer loyalty and profitability.
"It's a shame that the coffee price issue obscured the real story here for so many people, but, once again, this kind of 'one-way' data point thinking led investors astray … when it was actually quite strong," said the "Mad Money" host.
With that said, here is Cramer's recommendation for the right way to invest in Starbucks: Do your homework. That means go and listen to the latest company conference call, read its press releases. Then make up your own mind to decide if this is a sound, long-term investment.
This year Cramer has his eye on theme parks, especially since they are a big beneficiary to the low price of gasoline. And when gas prices are low, families are more likely to spend the time to drive to theme parks.
Six Flags is the largest regional theme park operator in the world, so Cramer expects this stock to start heating up once when the weather gets warmer.
The company reported better-than-expected earnings and revenue when it reported after the close on Wednesday. Can it keep flying high?
To find out, Cramer sat down with Six Flags Entertainment Corp CEO Jim Reid-Anderson.
"We try to do it all; we try to innovate in ways that will make our guests happy because that is our focus. But definitely on the ride front; no one is better than Six Flags at innovating, and I will tell you that this year in 2015 we have the best lineup of product in our company's 54-year history," said Reid-Anderson.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Schlumberger: "With oil down $3 and the stocks retreating, buying the highest quality oil service company, I'm never going to fight that. But I will fight buying any other right now."
Acorda Therapeutics: "That stock has come down nicely. I think you should pull the trigger tomorrow."