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) -- "Everything Warren Buffett said today on CNBC is wrong," Jim Cramer told the viewers of his

"Mad Money"

TV show Wednesday.

Cramer said that's the case if one listens to the endless negativity of the media. He noted that while the disconnect between media and Buffett's views on the world may make him look like an idiot, the idiots are the only ones making money.

Buffett said he likes investing in America and feels the economy is resilient. Compare that to the media, which feels America is lumbering along, and China is the place to be, Cramer said.

Buffett also said he's prepared to make a big acquisition, perhaps something in the steel or home-related business. Yet the media constantly tells us everything is overvalued, and not just by a little, by a sizable amount.

Buffett, by all accounts, is pretty optimistic on the economy despite all the media reprots about $100-a-barrel oil and unrest in the Middle East. Buffett said he's happy with his purchase of railroad Burlington Northern, a company the media feels Buffett overpaid for.

Cramer said if we're to listen to the media, Buffett is just dead wrong on all counts. But he feels the Oracle of Omaha may just be onto something.

He said the media, and its failure to recognize anything positive, is wrong and its negativity is only preventing investors from making money. Buffett, he said, can see through the media and is prepared to make a lot of money in 2011.

>>View Warren Buffett's Portfolio

Innovative Spirit

In the "Executive Decision" segment, Cramer sat down with Jacques Esculier, chairman and CEO of

Wabco Holdings

(WAB) - Get Report

, a truck parts maker that's up 37% since Cramer last recommended it last October.

Esculier said that Wabco develops many different safety and fuel economy systems for trucks worldwide. He said most of these systems, like anti-lock brakes for example, were invented by Wabco. Innovation and invention is at the heart of Wabco, he said.

One of the company's biggest opportunities is emerging markets. Esculier said that in these areas there is little, if any, competition and there is a huge gap in the technology being delivered. Wabco is years ahead, he said.

In China, Esculier noted that a 2005 law that required anti-lock brakes on trucks had not been enforced. But now, that's beginning to change, causing huge demand for Wabco technology.

In Europe, Esculier said that his company lost 60% of its business in 2009, when truck sales plummeted to 1997 levels. But that is also now beginning to change, and the continent has a lot of catching up to do.

Finally, when asked about cost inflation, Esculier said that productivity is a must to drive better profitability and fight inflation. He said that productivity at Wabco has never been higher.

Cramer said he continues his support for Wabco, a stock that's 11% off its earlier highs.

Brand Magic

In anoter "Executive Decision" segment, Cramer sat down with David Wenner, president and CEO of

B&G Foods

(BGS) - Get Report

, a stock that's up 52% since Cramer recommended it on Oct. 27. B&G just delivered an eight-cent-a-share earnings beat.

Wenner said B&G sees value in all of the brands it buys and competes with the big boys by being faster at creating new products and better value for its customers. The company has done an excellent job of controlling costs by smart purchasing, cost cutting and small price increases where needed.

But B&G's magic is in its brands, contends Wenner. He said in the case of Cream of Wheat, the brand had lost distribution, but was revitalized by licensing the Cinnabon name to introduce new products.

In the case of celebrity chef Emeril Lagasse's products, Wenner said the brand was there instantly and took off right away. And in the case of Ortega, the company's Mexican food brand, that brand was purchased for a steal because it didn't fit its parent company's business model.

Wenner concluded by saying that B&G comes from a private equity background, and is all about returning value to its shareholders. He said that's the primary reason the company offers a 4.7% dividend yield, which none of its competitors can say.

Am I Diversified?

Cramer played "Am I Diversified" with callers to see if their portfolios have what it takes. The first caller's portfolio included:

(CRM) - Get Report



(CEL) - Get Report


Frontier Communications

(FTR) - Get Report



(NG) - Get Report





Cramer said Cellcom and Frontier are two of a kind and he recommended selling Cellcom and picking up B&G Foods.

The second caller's top holdings included

Abbott Labs

(ABT) - Get Report


Kinder Morgan Energy Partners




(MCD) - Get Report



(RTN) - Get Report



(T) - Get Report


Cramer said this portfolio was properly diversified.

The third caller had


(AA) - Get Report


(AMZN) - Get Report


Bank of America

(BAC) - Get Report


Chesapeake Energy

(CHK) - Get Report



(SLB) - Get Report

as their top five stocks.

Cramer said this portfolio also had two of a kind with Chesapeake and Schlumberger. He once again recommended adding B&G Foods to diversify this portfolio.

Lightning Round

In the Lightning Round, Cramer was bullish on





( FIRE),


(CAT) - Get Report


North American Palladium



McDermott International

(MDR) - Get Report



(CMI) - Get Report



(OCLR) - Get Report


JDS Uniphase



Standard Pacific



He was bearish on




Charter Communications

(CHTR) - Get Report


Closing Comments

In his "No Huddle Offense" segment, Cramer told viewers not to forget a company's balance sheet when considering a stock's value. He said when a caller asked about


(DRYS) - Get Report

, it was assumed that since the company sold 20% of its business for $500 million, the entire company must be worth $2.5 billion, or $20 a share.

But in reality, Dryships has $1.8 billion in net debt, and $3.2 billion in adjusted net debt. That means the enterprise value, which looks at market cap minus debt, is far lower than $20 a share. Cramer said he'd stay away from Dryships, and any other company that has a balance sheet that is difficult to understand.

--Written by Scott Rutt in Washington, D.C.

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At the time of publication, Cramer wasnot long on any stock mentioned.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

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