CNBC's Jim Cramer on Wednesday offered investors a basket of stocks he believes can continue to succeed irrespective of Federal Reserve policy.
"Forget the big picture stuff. There are two things you need to keep track of when you're picking stocks right now: The sector and the company, which includes the people running it," the "Mad Money" host said.
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The bottom line, Cramer said, is investors have two choices. The first is listening to the "Fed-obsessed experts," he said. The second is to "forget about the money supply or the central bank and just run with the bulls. It's not like they're hard to find in this fabulous market."
Semiconductors
Cramer said he believes the entire chip industry is "in bull-market mode" with a number of companies doing well, such as NXP Semiconductors, Marvell Technology and Qualcomm.
"But I prefer AMD and Nvidia because they make incredible products and they have fabulous leadership," Cramer said, noting that AMD, under CEO Lisa Su's direction, is looking to finalize an acquisition for Xilinx.
Nvidia, similarly, is trying to complete a deal for Arm Holdings, Cramer noted. If it clears the necessary regulatory hurdles, Cramer said Nvidia "will become the most important semiconductor company of our time."
Financials
Many of the country's largest banks offer investors "the greatest bargains" relative to the rest of the stock market, Cramer said. That's especially true when considering they "could be just a few months away from a new rate hike cycle," Cramer said. Banks benefit from higher rates.
Cramer said his favorites right now are Morgan Stanley and Wells Fargo.
"Morgan Stanley's not a bank anymore: It's a wealth advisory service that happens to do some investment banking on the side. That means it's bank light. I like that," Cramer said.
Wells Fargo, on the other hand, offers a "turnaround story" after scandal-ridden years, Cramer said, adding he believes in CEO Charlie Scharf to keep delivering improvements.
"One day I expect Wells Fargo to return to the high $50s [per share], where it was when all hell broke loose. Until then, just stay the course," Cramer said.
Retail
Cramer said he believes it's not too late to purchase shares of Best Buy and Bed Bath & Beyond. The former's digital transformation and tech membership program should allow for additional success, Cramer said, while the latter is another example of a turnaround story.
"They have all the tech you need in terms of shopping and buying," Cramer said of Bed Bath & Beyond. "But what they really have is something I like to call 'whimsy,' something that you could only really find at Costco until recently. I think CEO Mark Tritton will take Bed Bath for a multi-year run."
Agriculture
Cramer said the "most unknown bull market" out there is agriculture.
"I've long been a fan of AGCO, but that Deere conference call last week [was] magnificent," Cramer said. "I scoffed at Cathie Wood, the best money manager of 2020, when she said she was buying Deere for its tech — I owe her an apology. I apologize. She nailed it. The technology Deere talked about is truly revolutionary; it will save farmers billions of dollars in wages because everything is pretty autonomous. Deere's still a buy."
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