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Jim Cramer's 'Mad Money' Recap: A Scary Market

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NEW YORK ( TheStreet) -- Beware of all the spooky talk on Halloween about bubbles in the market, Jim Cramer said Thursday on "Mad Money."

The bubble talk is everywhere. "You hear it from smart people who've been around for ages," Cramer said. "You hear it from young whippersnapper short-sellers who need the market to come down so they don't look so stupid when they tell their investors how they're doing at the end of the year."

They were at the top of their game today when the market looked really soggy only to work its way back on the strength of some better-than-expected earnings.

Although some people are saying the market is too high, that's not the way Cramer thinks. The market is made of a ton of stocks, some of which can be very overvalued and others that may be undervalued at the same time.

Some current bubble stocks include Amazon (AMZN), Netflix (NFLX), SolarCity (SCTY) and Tesla (TSLA), Cramer said.

Even though Facebook (FB), a holding in Cramer's charitable trust, Action Alerts PLUS , and Starbucks (SBUX) had positive quarterly reports on Wednesday, by Thursday morning there was already talk of it being time to sell. "Bubble-fearing analysts were determined to slam them down," Cramer said.

Cramer's advice: Stick with "best of breed" stocks even while taking some of the position off the table. "Let the rest run," he said.

Executive Decision: Dinesh Paliwal

In his "Executive Decision" segment, Cramer sat down with Dinesh Paliwal, chairman, president and CEO of Harman International (HAR - Get Report), the provider of premium audio and infotainment systems that has returned 130% return Cramer last spoke with Paliwal in June 2012. The stock rose 12.5% on Thursday.

Paliwal boiled the company's success down to four points: innovation, cost control, looking for new trends and working with other great companies. Then, he said, it's all about execution. "Execution has to become your DNA," he said.

As a global company, Harman looks for what Paliwal calls "best cost" countries for manufacturing, like India, China and Ukraine. Mexico is an excellent example of a "best cost" country and has the advantage of being close to the U.S.
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