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While most investors are bracing for the Federal Reserve meeting on Wednesday, Jim Cramer is already one step ahead, thinking of which companies could rally once the big, bad meeting is over.
"This is my big, bad event theory, where once an event transpires, even if the outcome is suboptimal, money from the sidelines starts to come back in as investors who were waiting for an event to happen feel safe to start buying again," the "Mad Money" host said.
The key to a Fed meeting, Cramer said, is to remember that while everyone else is worried about the big event, investors need to be prepared for what happens afterwards. That means knowing what stocks will go up once the event ends.
Buyers coming in from the sidelines could be discouraged by the election or a hawkish statement. That could translate to more muted buying than usual. Either way, Cramer still looked for the perfect post-Fed play.
"I think buyers should be looking for who has growth, and stock with that thesis no matter what," Cramer said.
When Cramer reviewed his notes from CNBC's Delivering Alpha conference, he found one investment idea that investors threw away. A small comment from Bill Miller with a recommendation to buy Amazon caught his attention.
Amazon made sense to Cramer as the perfect play for the Fed meeting.
Miller started by saying that he liked Alphabet, Facebook and Amazon. He noted that Amazon was the strongest of the three because Alphabet and Facebook are going after the same $500 billion advertising market, but Amazon has set its sights much higher, to the $5 trillion retail market.
Not only the size impressed him, but also how quickly Amazon plans to dominate the market.
"I bet the majority of people in that room, just like so many other big-time money managers who make decisions every day based on the larger issue, the Fed, just dismissed this idea. What does Amazon have to do with Fed Chief Janet Yellen and a quarter point rate hike?" Cramer said.
That is precisely why Cramer likes the idea of Amazon, though — it has absolutely nothing to do with the Fed.
Amazon is a product that so many people love and cannot live without. It will also win because of its lack of exposure to the Fed. Its cash flow and its business won't slow regardless of what happens on Wednesday.
"You can be paralyzed, you can be sidelined, you can dread the future, or you can find situations right in front of you that can be bought, both before and after the Fed meeting, as long as you aren't so scared that you can't think," Cramer said.