Cramer's 'Mad Money' Recap: Energetic Ag Stocks

Taking a Pass

The Federal Reserve meets Tuesday, and right now Cramer said he's not sure what's going to happen. Therefore, he believes the best thing to do is to wait it out.

At times, investors must be willing to admit that they're powerless, he said, noting this is one of those times.

If the Fed cuts by a quarter, the fear of recession will still be around and that will keep stocks down, Cramer said. On the other hand, he said, if it cuts by half a point, people will be able to buy stocks in various industries like the industrial, tech and banking sectors.

Under normal circumstances, Cramer said he would recommend buying Costco (COST Quote) and Kroger (KR Quote), both of which report their earnings next week.

However, sometimes being a good investor means sitting it out -- the best trade sometimes being no trade at all, he said.

The Muhlenkamp Fund

Cramer said he devotes some space in his new book to mutual funds people should invest in if they don't have time to own stocks.

When a person invests in a mutual fund, it's essentially an investment in the fund's money manager, the person who will make the money. One mutual fund Cramer said he likes is Muhlenkamp(MUHLX Quote).

He welcomed the fund's lead manager Ron Muhlenkamp to the show and asked him to discuss his investment philosophy.