Mad Money

Cramer Remix: An amazing stock not done rallying

Cramer: This amazing stock isn't done rallying
Cramer: This amazing stock isn't done rallying

Lately Jim Cramer has heard a lot of chatter surrounding the concept of single stock risk. It's the risk that anyone takes when investing—what if you buy the wrong stock, and it gets totally clobbered? Should you avoid buying individual stocks all together?

"If you think that I scoff at single stock risk, you're wrong," the "Mad Money" host said. (Tweet This)

The risk behind investing in individual stocks is exactly why Cramer has always advised investors' first $10,000 in savings must be invested into an index fund. This way you will have the ability to capture the American stock market progress in a way that is diversified, as with a fund that mimics the .

There is one particular element of single stock risk that really bothers Cramer, though. And that is when an investor has to miss out on the performance of an amazing stock because they think it is too dangerous, or they think that they can't do the homework to decide whether the company is worth investing in. Hogwash!

"The people who warn you against owning individual stocks often make this whole business sound like it is too hard," Cramer added. (Tweet This)

So with this in mind, Cramer thinks there are tons of opportunities out there for investors to capitalize on. Cramer loved the story behind GoPro, as the semiconductor company Ambarella that makes the brains behind GoPro confirmed that it has a ton of commercial drone work coming. Cramer thinks Ambarella can still go higher, even after its amazing gain Wednesday.

As long as you buy the stocks of companies you like and pay attention to them, the reward you will get is far better than if you just dumped your money into a sector basket ETF that includes the good, bad and the ugly of the stock market.

Read More Cramer: The trick to avoiding single stock risk

Pedestrians pass in front of a GameStop store in New York.
Scott Mlyn | CNBC

One thing Cramer knows is that we are in a lose-lose environment when it comes to growth. Either the economy will get stronger and the Federal Reserve raises interest rates to slow down growth, or the economy will slow down so much that the Fed does not hike rates.

Either way, both roads lead to slow growth. That is why Cramer turned his attention to powerful themes relating to stocks that are able to keep growing, even when the economy is not.

One of the hottest growth stories out there right now is healthcare cost containment. The baby boomer generation is requiring more medical care, and the Affordable Care Act has caused more people than ever to get insured, and there is now a massive need for companies to contain healthcare costs.

That is why Cramer is highlighting one dozen of his favorite healthcare cost containment plays. He previously covered Walgreens Boots Alliance, and now has focused on CVS.

"Even though CVS Health is a well-run company with some fast growing divisions on the PBM side of things, it's actually the cheapest of the big three drugstore chains," Cramer added.

It was only six months ago when investors, including Cramer, wrote off GameStop as a failure and left it for dead. After one miserable quarter after another, the stock was consistently crushed and most assumed it was roadkill.

So then what the heck happened that it was able to pull off such an amazing turnaround?

In a small amount of time, GameStop has managed to remake itself so dramatically that some might not even recognize it anymore. It is no longer just a chain of bricks and mortar videogame stores; it also has a multichannel retailer of videogames, consumer electronics and wireless services. Meaning, GameStop is now diversified.

"I would be remiss not to say that I was just plain wrong about this one…I want very much for all of you, including Mr. Raines, to know that I underestimated this man and his team. Mea culpa and apologies all around," Cramer said. (Tweet This)

Looking back, Cramer thinks that the rumors of GameStop's demise were greatly exaggerated. He now acknowledges that this stock has a lot more room to run, thanks to its brilliant turnaround strategy.

Read More Cramer: I was just plain wrong about this stock

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And at a time when interest rates are climbing, Cramer wonders what the heck investors are supposed to do with the high-yield bond market alternative stocks?

Just take one look at the utility stocks, and you will see that they have been slammed lately. Dominion Resources is one of the largest gas and electric utilities in the country with a fast growing natural gas gathering, transmission and distribution pipeline business.

And while Dominion reported a strong quarter a month ago, the stock was taken to the wood shed as rising interest rates make the high-yielding stocks less attractive versus bonds.

Can this stock get its mojo back and shoot the lights out? To find out, Cramer spoke with the chairman and CEO of Dominion Resources, Tom Farrell.

"It's a cyclical thing going on. The sector rotation of fund flows into utility sector are quite low right now. I think people are waiting out the interest rate environment. Utilities traditionally underperform going into a potential rate increase, and then they always outperform after the Fed actually does something," Farrell said.

As pressure builds yet again over news of Greece, Cramer wonders if investors are spending too much time worrying about Greece. Could the 11 million people in Greece really be able to bring down the entire continent of Europe, with a population of 742 million?

If you were to pay attention to the headlines in the news, then yes, Greece could really be that important. Some have even speculated that Greece is just as important to Europe as the fall of Lehman Brothers was to the United States. They have painted a picture that there is a tremendous amount of systematic risk if Greece defaults on its obligations.

Cramer does not agree.

The more important issue to Cramer, though, is that the entire world has been paralyzed by this issue. Yes, there will be issues if there is a breakdown and a Grexit. But Cramer thinks any dislocation will be caused more by hedge funds that are on the wrong side of the trade than by any economic loss.

"That is why we just need a darned conclusion—any conclusion—so we can think about other, more important issues," Cramer added. (Tweet This)

Read More Cramer: Stop crying over Greece

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

Duke Energy & Con Ed: "They're both the same stock, they all trade the same. They are part of a utility ETF, that's what happens. It is really painful. I like them both, but it's going to take the first rate increase before they start rolling."

Opwer, Inc: "I don't like these narrow focused cloud-based plays. You know I like, let's leave it at that."

Read MoreLightning Round: This is better than I thought