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NEW YORK (TheStreet) -- The Federal Reserve is smarter than you think, Jim Cramer told his Mad Money viewers Wednesday. The central bank deserves some credit for doing the right thing.

Many investors refuse to admit this is the case, but the fact is the Fed is taking a very measured and data-driven approach to managing our economy, all while keeping a mindful eye on how the U.S. economy affects the rest of the world's economy.

Yet, ahead of every Fed announcement, money managers run scared, letting the bulk of their money pile up on the sidelines until the supposed "big bad event" of a sudden rate hike occurs.

That's why the markets staged a midday rally, money managers were returning to the "business as usual" playbook of investing based on earnings and corporate news.

But Cramer noted that the smart investors shouldn't play this game. They should have their shopping list of high-quality companies ready ahead of time and have the courage to buy into the weakness ahead of the Fed meetings.

Investors should be looking for opportunities like Carrizo Oil & Gas (CRZO) - Get Report, which offered 4.5 million shares in a secondary offering yesterday when the markets were lower. Today those same shares posted huge gains.

Investors could have also piled into Tesla Motors (TSLA) - Get Report, which will be announcing something big later this week that's sure to move this cult stock even higher.

Cramer's Brackets: Wisconsin, Arizona

While sports fans are all abuzz filling out their March Madness brackets with winning teams, Cramer reminded viewers that it's just as fun to fill your portfolio with winning stocks. That's why he completed his week-long series with a look at the western region, comparing teams to stocks.

The west's top-rated team is Wisconsin, a team known for its offense and its leadership. Cramer likens this team to Wells Fargo (WFC) - Get Report, a stock he owns for his charitable trust, Action Alerts PLUS, and one with accelerating revenue growth.

When it comes to Arizona, Cramer said this team resembles Facebook (FB) - Get Report, another Action Alerts PLUS name, and one that's been on a multi-year run with 31% growth trading at just 31 times earnings.

Other notables in the region include Arkansas, which Cramer likens to Popeye's Louisiana Kitchen (PLKI) , which also doesn't get the respect it deserves, and his alma mater Harvard, which reminds Cramer of Charles River Labs (CRL) - Get Report, another smart team of people.

Executive Decision: Howard Schultz

For his "Executive Decision" segment, Cramer spoke with Howard Schultz, chairman, president and CEO of Starbucks (SBUX) - Get Report. The Action Alerts PLUS holding kicked up controversy after announcing its #RaceTogether initiative to start a national dialog about race relations in America.

Schultz explained that America is being torn apart by a level of racial injustice we've not seen for a long time in our country, and Starbucks chose to use its scale and national footprint to start a conversation that, he hopes, will begin to bridge the cultural divide.

Schultz explained the program is voluntary and is not part of any marketing or PR effort. It comes from the heart, he said.

When asked about the heated response from both sides on the issue, Schultz said he understands race is a complicated issue with a high degree of emotion tied to it, yet it's something that needs to be talked about and people need to be engaged.

Starbucks also announced a two-for-one stock split and a new delivery service during its annual shareholder meeting today. Cramer put his support behind Schultz, calling Starbucks a great stock with a great guy at the helm.

Executive Decision: Michael Mears

In his second "Executive Decision" segment, Cramer sat down with Michael Mears, chairman, president and CEO of Magellan Midstream Partners (MMP) - Get Report, our nation's largest refined-product pipeline operator and one that operates largely as a fee-based company.

Mears explained that the market will always need crude, so there will always be plenty of product for Magellan to move. And while some projects have been put on hold due to the falling price of crude, there are still plenty of opportunities for growth, especially in storage and marine facilities.

Mears also noted that Magellan doesn't invest for the short term, it invests for the next 20 years. Oil has always been cyclical, he said, which means that prices won't stay at their current depressed levels for long.

Cramer agreed with Magellan's long-term approach, calling the company one of the most successful pipeline operators out there.

Lightning Round

In the Lightning Round, Cramer was bullish on Akamai Technologies (AKAM) - Get Report, Lion Biotechnologies (LBIO) and Ross Stores (ROST) - Get Report.

Cramer was bearish on Dicerna Pharmaceuticals (DRNA) - Get Report, Ziopharm Oncology (ZIOP) - Get Report, Antero Resource (AR) - Get Report and Five Below (FIVE) - Get Report.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer pondered the question, "Why is no one taking profits in the biotechs?"

Take a stock like Regeneron (REGN) - Get Report, which made another all-time high today. In years past, shares would sell off hard after any sizable gain. But in today's market, buyers just can't seem to get enough.

Esperion Therapeutics (ESPR) - Get Report is another biotech leader, rising 162% so far this year as investors can't wait to hear more about the company's anti-cholesterol drug.

Then there's Receptos (RCPT) , which fell 4.6% today, making for a rare entry point for investors to buy, buy, buy.

All of these companies are meeting unmet needs, Cramer concluded, which is why their remarkable run is not yet over.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had a position in FB, SBUX and WFC.