Cramer's 'Mad Money' Recap: When Buffett and Cramer Concur

The beverage company's CEO, Neville Isdell, has transformed Coke with new products such as Coke Zero, which will help drive the stock higher.

Cramer believes that Buffett's next pick, Procter & Gamble (PG Quote), has lost its way. He said he would rather own Colgate-Palmolive (CL Quote), after years of touting P&G.

Moving on, Cramer said Wal-Mart (WMT Quote) has been a company he's "despised" for the last 15 years. But because it has stopped putting up new stores, and after its recent $15 billion buyback, he likes it.

"Buffett is onto something with Wal-Mart," Cramer said. "I'm following him on it."

USG (USG Quote), on the other hand, is heavily levered to housing, he said. Housing is "awful," and even if people have a long-term focus, like Buffett does, on USG, there's no reason to go through the pain and own it now.

"Someday, USG will be right," Cramer said. But in the 16- to 18-month time period he's looking at now, USG doesn't look like it's worth owning, he said.

Cramer does like American Express (AXP Quote), which, he pointed out, is even cheaper than MasterCard (MA Quote). He believes that American Express, which closed at $62.66 Thursday, will finish the year at $72.

Further, Cramer said he has "nothing but respect" for best-of-breed Wells Fargo (WFC Quote), which is also part of Buffett's portfolio.

And although Buffett's Moody's (MCO Quote) pick is "controversial," Cramer feels that he's right about it. "This one is worth owning" because of its solid duopoly in the ratings business and the fact that it could be taken over.

As for Johnson & Johnson (JNJ Quote), Cramer doesn't understand why Buffett owns it, because it doesn't have much of a pipeline. Maybe Buffett likes it as a play on a great American franchise, Cramer said, but most of its products are drugs and medical devices, not Band-Aids. In addition, until 2012, JNJ has a drug a year going off patent.