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Jim Cramer's 'Mad Money' Recap: Management Matters, Not the Fed

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NEW YORK (TheStreet) -- People are paying way too much attention to Fed Chair Janet Yellen and too little to what's happening to the company themselves, Jim Cramer told his Mad Money viewers Thursday.

Cramer noted that while people are obsessing about the Fed and having another S&P 500 record, he's a throwback to "days when we looked at what individual companies are doing. But being old-fashioned doesn't make me wrong."

People obsessed with the Fed have kept you out of the market and missing opportunities, he said, and the Fed's bond buyback tapering is simply not having an impact on the market.

Look at Starbucks (SBUX), which was up 2.21% at Thursday's close, Cramer said. It's been marking time for the last eight months, in part because coffee prices were up 44% this year. The company has expanded its menu, added alcohol sales, cell phone chargers at tables and other improvements like helping its employees pay for college. When UBS upgraded its outlook on Starbucks today, the stock popped.

He also pointed out Kroger (KR), which rallied more than 5% today. Why?  Expectations were "super negative" among short-sellers. Today's spectacular numbers and dramatic raid of guidance sent Kroger to an all-time high.

Cramer's bottom line? Let Starbucks and Kroger be a reminder that companies and their managements matter more than the policy of the Federal Reserve.

Executive Decision: Gary Friedman

In his "Executive Decision" segment, Cramer looked at Restoration Hardware's (RH - Get Report), which reported earnigns this week and said revenue rose 21.6% from the prior year. How does Restoration Hardware's in-store experience give it an edge in the sector?  To answer that question, Cramer spoke to CEO Gary Friedman.

Friedman says you need to think of the company's products in terms of design and quality rather than price.

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