Cramer's 'Mad Money' Recap: Day of Atonement

Cramer said he slammed Procter & Gamble (PG) CEO Bob McDonald for a string of disappointments, even going as far as adding him to his "Wall of Shame" list of the worst corporate CEOs.

But that was before Cramer did his homework and learned of McDonald's $10 billion cost-cutting initiatives, a renewed sense of innovation with dozens of new products and a huge bet on the Olympics that paid off big. Shares of P&G are unstoppable now, said Cramer, which is why he owes McDonald an apology.

However, when it comes to Energy Transfer Partners (ETP) CEO Kelcy Warren, Cramer said he gave this Action Alerts PLUS holding way too much of the benefit of the doubt. He said that even this stock's 8% yield can't save it from Warren's lack of discipline, which has led the company to countless acquisitions that have buried existing shareholders and piled on the debt.

Cramer said he's not willing to throw in the towel quite yet on Energy Transfer, as the company has yet to close its big acquisition of Sunoco (SUN). He said the stock will likely pop once that deal closes. If it doesn't, Warren will find his face replacing McDonald's on the Wall of Shame.

Be Patient

Cramer's next lesson for investors: Don't be impatient and give up just because your thesis hasn't happened yet. He said that when oil prices bottomed, he flagged offshore driller Ensco (ESV) as being the biggest beneficiary. He even bought some for Action Alerts PLUS. That call proved initially to be right as shares rose 10 points over the following weeks.

But then oil prices sank, enough for investors to get worried. That sent shares back to the low $40s, a full round trip up and back, much to Cramer's dismay. So when shares returned to his breakeven, Cramer said he couldn't take it and sold.

In the days that followed, Ensco got added to the S&P 500 index, sending shares up $3, after which they only continued to rise, eventually ending up a full $10 higher than where Cramer sold.

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