In his long career of investing, Cramer has learned that while he is sometimes wrong, the market can also sometimes be dead wrong about stocks.
"Sometimes, you simply have to be patient. Other times, you have to wait. Still other times, you are just plain wrong and you have to own that wrong view," the "Mad Money" host said.
Bank of America reported earnings on Tuesday, and Cramer thought it was a very good quarter. It showed excellent loan growth, good expense control and strong interest income.
Yet when Bank of America reported, the stock quickly went up and before being taken to the woodshed. This was partially due to its energy exposure and also because investors felt expenses weren't cut enough. Cramer was shocked at the decline of the stock considering that the shares are so far behind all of the other major bank stocks.
"I think the market is wrong, and the stock will rally. That is why I have been buying Bank of America for my charitable trust," Cramer said.(Tweet This)
Read More Cramer: The market's dead wrong about these stocks
Cramer also took the time to get a reality check from a Daymond John, an entrepreneur, panelist on "Shark Tank" and founder of popular clothing company FUBU.
John recently also released a book entitled "The Power of Broke: How Empty pockets, a Tight Budget and a Hunger for Success Can Become Your Greatest Competitive Advantage." In a world where mindshare matters more than ever in an industry, Cramer considers John to be the king of branding.
John commented on the impact that not having a lot of money can have on one's mindset, stating, "That's when you use all of your resources. You have to focus on something because you don't have a lot of options. That is when you make affordable mistakes, but you fail forward fast or you fail forward and win."
In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:
Phillips 66: "I don't like the margins anymore on some of these businesses. You want to be careful — it is not my favorite name."
Exelixis: "I like the risk-reward on that one. Now for a $4 stock remember you can lose $4 and people aren't speculating right now, but I like that pipeline very much."
Read MoreLightning Round: I like the risk-reward on this stock