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When power players such as

Warren Buffett

, Kirk Kerkorian and

Carl Icahn

invest their money in stocks, people pay attention, Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

Sometimes piggybacking off big money mangers is "better than coming up with your own ideas," he said. "Piggybacking can work."

Market players can make money by correctly figuring out which stocks are going to be in style next, because once a stock is in style, it will stay in style for a while until it's played out, Cramer explained.

People piggyback off these master investors not necessarily because they have better ideas but because the mimicked stocks are the ones that tend to do better during good days and are among the first to bounce back after bad days, he said.

A stock Icahn has owned for a while is

Vector Group

(VGR) - Get Report

, a small, high-yielding cigarette company.

Icahn, Cramer said, has a 20% stake in Vector. However, Cramer doesn't want people to buy it just because Icahn's in it. Instead, he wants investors to do their own homework and see if Vector works for them.

The best part of this story, Cramer said, is the stock's 8% yield. It's difficult to find a stock with good fundamentals and such a high dividend, he said. Vector's two businesses are cigarettes and real estate.

The company is in the business of discount cigarettes, and its cigarette brands are small. Though

Altria

(MO) - Get Report

, which Cramer owns for his charitable trust,

Action Alerts PLUS, could "crush" Vector, there's no need for it to do so, because Altria, unlike Vector, is in the business of providing high-end cigarette brands.

In addition, as part of its real estate division, Vector owns part of Douglas Elliman Realty, the largest residential brokerage in New York City, Cramer pointed out.

Moreover, he believes that Vector's earnings estimates are too low and are likely wrong because there are only two analysts covering it. The stock is cheap, has a great yield and has Icahn as a "backstop," which makes it all the more fashionable, Cramer said.

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By Hook or by Brookfield

Brookfield Asset Management

(BAM) - Get Report

, which is up 744% since 1997, 519% in the last five years and 54% in the last 12 months, could be the next

Berkshire Hathaway

( BRKA), Cramer told viewers.

J. Bruce Flatt, BAM's CEO, deserves some of the attention Buffett is getting, he said. "He is Buffett-esque" and has done a terrific job with the company.

Brookfield has a lot of money invested in several different areas, including the wild bull market of infrastructure, Cramer said. In fact, if market players have a portfolio yearning for some infrastructure exposure, he said, he can't think of a better play than BAM.

Cramer suggested swapping out of some

Foster Wheeler

(FWLT)

and

McDermott

(MDR) - Get Report

, both of which have had big runs, and taking a look at Brookfield.

Brookfield, he said, is a play on clean energy and is not levered to oil and gas or coal. Plus, it's based in Canada and has the global exposure Cramer loves so much.

Overall, Brookfield is a "good earner" and a great place to go long term, and it has the potential to become "a more international version of Berkshire Hathaway," he said.

Am I Diversified?

During the "Am I Diversified?" game, Cramer's first player called out the following five names:

Google

(GOOG) - Get Report

,

Seaspan

(SSW) - Get Report

,

DryShips

(DRYS) - Get Report

,

Baidu.com

(BIDU) - Get Report

and

Yahoo!

(YHOO)

, a stock Cramer owns for his charitable trust,

Action Alerts PLUS.

Cramer told the caller he had "way too much concentration" in two sectors, with two shipping stocks and three dot-coms. "You could get hurt," he said.

Cramer advised keeping Google and Seaspan, selling the rest and finding a health care, defense and financial play.

The next caller asked if he was diversified with these five stocks in his portfolio:

Schlumberger

(SLB) - Get Report

,

MasterCard

(MA) - Get Report

,

St. Joe

(JOE) - Get Report

Curtiss-Wright

(CW) - Get Report

and

Union Pacific

(UNP) - Get Report

, a play Cramer owns for Action Alerts PLUS.

Cramer blessed the portfolio as diversified but said he'd rather see the caller in a financial than a housing play such as St. Joe.

The last caller named these five plays:

Buffalo Wild Wings

(BWLD)

.

Sears

(SHLD)

,Altria,

Freeport-McMoRan

(FCX) - Get Report

and

Toyota Motor

(TM) - Get Report

, the latter four of which Cramer owns for his charitable trust.

Cramer congratulated the caller on having a diversified portfolio

Dynegy: Do It

Dynegy

(DYN)

CEO Bruce Williamson joined Cramer on his show and said the fact that

Chevron

(CVX) - Get Report

has decided to sell its 97 million shares of Dynegy gives Dynegy investors more liquidity.

CVX originally got into Dynegy because of its natural gas, and once Dynegy sold that business, CVX sold its shares of the company, the chief executive said.

It was because of "strategic reasons" that CVX pulled out of Dynegy. However, this doesn't affect Dynegy's EPS, Williamson reassured viewers.

When Cramer asked what Dynegy is levered to, Williamson said that the "biggest thing" for the company is energy demand. Drivers on the electric side include weather patterns, and ultimately, Dynegy does better with high-energy prices than with lower ones, he said.

At the same time, Dynegy is diversified and is not solely dependant on oil and gas prices, Williamson added.

Cramer said he would be an "aggressive buyer" of Dynegy.

To view Cramer's interview with Bruce Williamson, please click here.

Lightning Round

Cramer was bullish on

Google

(GOOG) - Get Report

,

EMC

(EMC)

,

Guess

(GES) - Get Report

,

J. Crew

( JCG),

Vodafone

(VOD) - Get Report

,

AT&T

(T) - Get Report

,

Verizon

(VZ) - Get Report

and

RBC Bearings

(ROLL) - Get Report

.

Cramer was bearish on

Las Vegas Sands

(LVS) - Get Report

,

American Eagle

(AEO) - Get Report

,

Abercrombie & Fitch

(ANF) - Get Report

,

Aeropostale

(ARO)

and

Foster Wheeler

(FWLT)

.

For more of Cramer's insights during the Lightning Round, click here

.

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clicking here

.

At the time of publication, Cramer was long Altria, Yahoo!, Sears Holdings, Freeport McMoran, Toyota Motor and Union Pacific.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com 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 TheStreet.com, 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 TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.