Cramer: Too Few Investors Recognize This Stealth Catalyst

(Having trouble with the video? Click here!)

If the driving factor behind the bull is an aggressive Fed policy, isn't it just a matter of time before the inevitable?

Cramer isn't so sure.

As investors seek yield in the market, the Fed's ultra-low interest rate policy has forced money into stocks. Bears argue that when rates ultimately increase, the stock market will be trading at artificially inflated levels and the resulting sell-off will be sharp and severe.

It's a scary scenario and it may be accurate – that is, if the Fed's ultra-low rate policy remains the primary factor behind gains in the S&P 500. But Jim Cramer thinks there's something else in the market – something that may become equally powerful.

"It's become all too clear to me," said Jim Cramer and it doesn't get nearly the attention it deserves.

businessman glasses
Laurence Monneret | Stockbyte | Getty Images

That is, "Managements have been able to adjust to disappointments and mistakes and get their companies back on track very quickly. As a result, their stocks get right back on track with them," Cramer said.

Case in point: Whole Foods.

"It was only a quarter ago that Whole Foods reported what many thought to be terribly disappointing results," Cramer explained. "Naysayers insisted that Whole Foods had lost its way."

Management however wasn't willing to roll over – instead they took aggressive action.

"They worked like crazy to cut costs, change up the way they ship goods and they accelerated store growth to meet demand," Cramer explained. As a result the latest Whole Foods earnings report "totally put to rest the idea that anything long term is wrong," Cramer said.

And Cramer added those kinds of developments are hardly unique to Whole Foods. He said the same is true with Disney.

"Do you remember a year ago how many questioned the growth at Disney? They thought the film division had lost its way with John Carter," Cramer said.

However, recent Disney earnings paint a very different picture

"Bob Iger, the CEO, adjusted so quickly, it made my head spin. Make no mistake. This quarter was nothing but good news because of management's intense competitiveness and inventiveness," Cramer said.

Again swift and aggressive moves.

Read More from Mad Money with Jim Cramer
Cramer: Buyers Facing Stock Shortage
Should Scorned Stocks Rally?
Cramer: Opportunity in Clorox?

And don't forget EOG Resources, Cramer added. Although this company hadn't become the object of skepticism like those mentioned above, Cramer does find management actions to be very swift and aggressive.

"There have been two major discoveries of oil in this country in the last 40 years, the Bakken in North Dakota, and the Eagle Ford in Texas," Cramer said. Many don't know it yet, but the best acreage in both belongs to EOG due to the company's relentless drive to become the best independent oil and gas company in the United States," Cramer said.

"And in an interview on Mad Money earlier in the week, CEO Mark Papa suggested he's got a third discovery in the Delaware Basin in West Texas," Cramer added.

If that's not swift and aggressive – what is?

What's the bottom line?

Cramer thinks the ability of management to react very quickly to challenges in their industries have made companies more valuable and therefore they deserve to command higher stock prices.

"I can go through dozens of stocks where management switched courses, made important moves that increased the values of their companies and changed the fortunes of their companies' stocks," he said.

In fact, the Mad Money host believes it's an important but under-celebrated trend in the market that will likely grow stronger over time. And because the trend represents real value, he thinks arguments that the stock market will be trading at artificially inflated levels when the Fed steps back probably don't hold water.

Call Cramer: 1-800-743-CNBC

Questions for Cramer?

Questions, comments, suggestions for the "Mad Money" website?