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When the next "flash crash" occurs in the market, investors need to be ready, Jim Cramer told his Mad Money viewers Wednesday on the one-year anniversary of the last time the machines ran amok. We may not know what's causing the crash when it happens, Cramer said, but that doesn't mean we still can't profit from it.

The stock market has only seen the flash crash phenomenon twice, once in 2010 and most recently a year ago. During both of those events the markets plunged without notice, only to inexplicably recover just as fast.

Cramer was on the air in 2010, watching Procter & Gamble (PG) sink 25% in the blink of an eye. He commented then that Procter's price was simply not real and told viewers to buy it right then, on the spot. Investors taking Cramer's advice profited 25% in the minutes that followed.

Cramer said he knew that Procter was a safe bet down 25% as the company was not economically sensitive, it paid a solid dividend and its share were liquid enough to get in and out in a hurry. He emphasized that in fast-moving situations, investors must alway use limit orders, which allow them to buy shares at the price they want to pay.

As for what to buy the next time, and there will be a next time, the markets tank, Cramer said he still likes Procter, now an Action Alerts PLUS holding, along with General Mills (GIS) , PepsiCo (PEP) and Dominion Resources (D) . He would also consider American Electric Power (AEP) , Verizon (VZ) and rival AT&T (T) , all of which are great stocks in a machine-induced panic.

Executive Decision: Manny Chirico

For his "Executive Decision" segment, Cramer sat down with Manny Chirico, chairman and CEO of apparel maker PVH (PVH) , which just posted an 18-cents-a-share earnings beat on a 4% rise in revenue and raised its full-year guidance for the rest of 2016.

Chirico said that last year the third and fourth quarters were simply a disaster, but this year the fall season is looking much better with inventories very much under control. That means there are big opportunities to boost the bottom line.

Chirico commented on Macy's (M) decision to close 100 stores. He said it's been known for a long time that America has too many stores, and Macy's is taking brave steps to rectify the problem. Retailers need to go where the consumer is, and for many that's online and not as much at brick-and-mortar locations. That said, Chirico said physical stores aren't going away anytime soon.

Also, Chirico commented on Speedo's decision to end their relationship with Olympic swimmer Ryan Lochte. He called the situation unfortunate but said PVH cannot endorse Lochte's behavior and opted to donate the money it would've paid him to charity instead.

A Fed-Induced Buying Opportunity

Keep the steady flow of positive news about the housing market in mind when Federal Reserve Chair Janet Yellen speaks on Friday and likely spooks the market, Cramer told viewers. Home builder Toll Brothers (TOL) just told us that things are going particularly well, which will make for some terrific buying opportunities if the market falls.

Not only did Toll Brothers see strong new home sales, the company also saw strength in markets from coast to coast, Cramer explained, and that made for a compelling case that the housing market is not peaking as some had feared. Also, Toll spoke with its wallet, with the company buying back nearly 7% of its outstanding shares so far this year.

That's good news for anything that goes into a home, Cramer said, from appliances to Stanley Black & Decker (SWK) and Sherwin-Williams (SHW) . Stronger employment and loosening credit could make for strength in housing even if the Fed tightens interest rates, Cramer concluded, making all of these stocks a buy on weakness.

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Executive Decision: Aneel Bhusri

In his second "Executive Decision" segment, Cramer sat down with Aneel Bhusri, co-founder and CEO of Workday (WDAY) , a stock that's up 32% since Cramer checked in back in late February.

Bhusri touted Workday's signing of Samsung (SSNLF) as a client as a big win for his company. He said Samsung represents Workday's first client in South Korea and the news is making a big splash as the company enters that market. Samsung, he said, is embarking on a big human capital management transformation project and, after much due diligence, it chose Workday.

Bhusri was also bullish on his company's financial management offerings, saying the suite of products is off to a great start and the new financial planning suite already has 50 customers signed on ahead of its launch.

When asked about profitability, Bhusri noted that Workday has seen two quarters of positive operating margins and has a healthy free cash flow over the past 12 month period.

Bhusri spoke of Workday's partnership with IBM (IBM) as one that's only deepening over time. IBM is both a cloud provider and systems integrator for Workday's products.

Lightning Round

In the Lightning Round, Cramer was bullish on Edwards Lifesciences (EW) , Five Below (FIVE) , General Electric (GE) , Micron Technology (MU) , Broadcom (AVGO) , NXP Semiconductors (NXPI) , Nvidia (NVDA) , Veeva Systems (VEEV) and Chipotle Mexican Grill (CMG) .

Cramer was bearish on First Solar (FSLR) , Rapid7 (RPD) and Shake Shack (SHAK) .

Executive Decision: Jonathan Corr

In his third "Executive Decision" segment, Cramer spoke with Jonathan Corr, CEO of Ellie Mae (ELLI) , the cloud-based software provider that services the mortgage industry. Shares of Ellie Mae are up over 60% so far this year.

Corr explained Ellie Mae provides the software that helps lenders go from the initial loan application through the underwriting process in an automated and seamless way. Mortgages are a complex business, he said, with many systems, tight timeframes and tremendous regulations.

Ellie Mae has growth rapidly over the past five years, Corr said, but is still in its early stages. Lenders don't want to be in the technology business, he said, they're looking for a partner that make them more efficient and compliant. That's how Ellie Mae has grown to 1,700 lenders and 200,000 users on its platform.

Cramer called Ellie Mae a good company that's positioned for the future.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AEP, GE, NXPI, PEP and PG.