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Cramer Remix: This stock survives the election

Right now almost every company in the pharmaceutical sector is caught in a bear market, with exception of Johnson & Johnson. While the drug index is down 9 percent for the year, Johnson & Johnson has actually managed to rally more than 4 percent.

What made the success more stunning to Cramer was that for years, Johnson & Johnson had been one of the worst performers in the industry. The rebound might seem sudden, but it has actually been in the works for a long time.

"The truth is that Johnson & Johnson is finally benefitting from a turnaround that was many years in the making, a comeback that has been spearheaded by CEO Alex Gorsky. Yes, the difference here is all about leadership," the "Mad Money" host said.

Not only does the company have 11 drugs with more than $1 billion in sales, including two successful arthritis drugs, but it also has various recently approved compounds that could have the potential to be very big. Those are Darzalex for multiple myeloma, Xarelto for blood clots and strokes and Imbruvica for chronic lymphocytical leukemia.

And with $18 billion in net cash, Cramer is absolutely in love with Johnson & Johnson's triple-A rated balance sheet

"JNJ has become of the few pharma companies that I think can withstand this election year and come out on the other side much higher than where it is now," Cramer said.

Read More Cramer: Hottest play in a bearish pharma sector

Johnson & Johnson
Adam Jeffery | CNBC

The market has had a monster run since the middle of February, but Cramer finds that stocks are still incredibly undervalued.

There could be tons of reasons why the market moved up such as the Fed on hold or relief of stress in the oil patch. But in Cramer's opinion, these reasons only expose that there are thousands of stocks with different prospects and different valuations.

"I think that a lot of this move has to do with the fortunes of individual companies, and how much more their stocks may be worth than where they are currently valued," the "Mad Money" host said.

So, when the smoke clears from the bigger picture, Cramer thinks the market will finally see individual companies for what they are really worth — companies worth more than what they are currently selling for.

Read More Cramer: Stocks are incredibly undervalued

As Cramer watched Middle Tennessee stun Michigan State and Baylor fall to Yale this month, he was reminded that sometimes investors try to apply the same principles that apply to March madness to investing — which could be a mistake.

"The sooner you get the sports analogies out of your heads, something that hedge fund managers in particular are prone to, the sooner you will realize that you can make money not betting against a loser and for a winner, but rather by just accepting that there could be multiple winners and you aren't betting at all," Cramer said.

In the end, you are investing in a good franchise that could do well over time regardless of the strength of the competition. So, watch March madness for sports, and watch the trends and invest in high quality stocks if you want business.

Valspar paint can
Sam Greenwood | Getty Images
Valspar paint can

After last week's action on the market, Cramer was feeling that stocks were overbought, and he was ready to be a little greedy. Then he saw that paint company Sherwin-Williams offered $11.3 billion for its competitor Valspar, and everything changed.

"The deal is a shocker," the "Mad Money" host said.

Drilled down, Sherwin paid $113 a share in cash for Valspar, which closed at $83 on Friday. Valspar had been hurting recently, as it reported a sales shortfall in February that sent the stock down 2 percent; it had been losing Lowe's business to Sherwin-Williams. The stronger dollar had also hurt earnings.

Then, seemingly out of nowhere, the combination of these two companies will further reduce the number of paint companies with PPG, Sherwin-Williams and Masco's Behr as the big competitive players or Benjamin Moore, which is owned by Berkshire Hathaway.

"In my view, the 5 percent decline in its stock price today seems a bit silly given how spectacular this bid is for Sherwin-Williams," Cramer said.

Read More Cramer: Sherwin-Williams deal a 'shocker'

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

Time Warner Cable: "Tim Collins recommended it because of the merger, admittedly, but he said it was going to keep going higher on our terrific off the charts segment a couple weeks ago. And that has been dead right."

Bristol Myers-Squibb: "Bristol Myers looks a little bit like the Spurs — they really unbelievably good. I'm a buyer of Bristol Myers. I like this stock."

Read MoreLightning Round: This stock is unbelievably good