"This is very much a case-by-case thing," the "Mad Money" host said. "There are some 'scorched earth' activists who seem to specialize in creating ill will and not much else. But you know what? I think those days are largely behind us, at least when it comes to smart activists who know what they're doing."
From Peltz's failed run at Procter & Gamble to his partner
Overall, whether the investor succeeds or not, Cramer sees activism on Wall Street as a net-positive for companies, particularly those with businesses in need of reform.
"Some of these activists are better than others, but generally speaking, when a smart activist like a Peltz or a [Elliott Management's Paul] Singer gets involved, it's a good thing for you at home. Even when the activists fail to get everything they want, you, as a shareholder, should be grateful for their work. Believe me, these stocks, many of these, would be even lower, maybe much lower, without the pressure these funds put on management," Cramer said.