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"Lightning will never strike your index fund," Jim Cramer told his Mad Money viewers Tuesday, and that, he said, is why he still advocates managing your own portfolios.

Cramer said for those without the time or inclination to manage their own money, a low-cost S&P 500 index fund remains a great way to gain exposure to the stock market. But for those who can make a little time and do the homework, managing a portfolio of five to 10 stocks can be incredibly rewarding.

Take, for example, Biogen Idec (BIIB) - Get Biogen Inc. Report , the biotech that soared a stunning 26% Tuesday after the company announced its Alzheimer's drug shows promise after all. Cramer said a cure or treatment to prevent Alzheimer's is the holy grail of biotech and could prove to be among the biggest drugs ever. After today's news, expect analysts to begin upgrading Biogen, taking it even higher.

Then there's health insurance provider Centene (CNC) - Get Centene Corporation Report . Cramer's been a long-time fan of Centene and said he's not surprised by the stock's 6.5% run today, as fears of a single-payer system from Washington are overblown. Cramer also singled out Bristol-Myers Squibb (BMY) - Get Bristol-Myers Squibb Company Report , a company that has little, if any, exposure to the trade war, Brexit and rising interest rates, but still trades for just 12 times earnings.

If you have the time and can do the work, all of these stocks are well within your reach, Cramer concluded, and they're certainly more exciting than those index funds.

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Executive Decision: Hasbro 

For his "Executive Decision" segment, Cramer spoke with Brian Goldner, chairman and CEO of toymaker Hasbro (HAS) - Get Hasbro, Inc. Report , which saw its shares plunge 16.7% Tuesday after reporting a brutal quarter that was adversely affected by tariffs.

Goldner said that Hasbro continues on its plan to return to profitable growth in 2019 and this past quarter's weakness was a direct result of fears over tariffs. He explained that some customers who were worried about tariffs canceled their direct import orders and chose instead to buy through the traditional supply chain. Hasbro then struggled to supply enough inventory to their supply chain to meet the increased demand. Goldner explained that these effects will be temporary.

When asked about the company's outlook, Goldner was bullish going into the holiday season. He said there are big movie events coming and merchandise for those movies has already hit store shelves. They expect strong demand across many of their brands, from Nerf to Transformers and Monopoly to Play-Doh.

Hasbro is also working to expand their intellectual property ownership. Goldner explained that owning the brand allows them to tell more stories and bring those stories to global audiences. As inventory tightened this quarter, Hasbro was able to prioritize their owned brands to help fill the void. These brands are also more profitable than partner licensed merchandise.

Cramer told viewers to use today's weakness to buy shares of Hasbro, which are only being affected by things they cannot control.

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Executive Decision: Logitech

In his second "Executive Decision" segment, Cramer also sat down with Bracken Darrell, president and CEO of Logitech  (LOGI) - Get Logitech International S.A. Report , the electronics and PC peripheral maker that just posting inline earnings amid rising tariffs.

Darrell said Logitech had a solid quarter despite all of the macroeconomic noise. The company delivered 6% growth. Darrell was bullish on Logitech's video conferencing products in particular, saying that their modern solutions are a tenth of the cost of traditional systems. Video conferencing, he said, will be a big business for Logitech going forward.

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When asked about China, Darrell noted that Logitech has been in China for 25 years. The country is their No. 2 two market as well as home to much of their manufacturing. Logitech has been able to mitigate the effects of tariffs thus far by cutting costs and raising prices where needed, while also moving some factories outside of China.

Turning to the consumer, Darrell assured Cramer that the consumer is still buying and the Esports trend continues to be strong. 

Time to Run

When both the bulls and the bears agree that a stock is overvalued, that's the time to run, Cramer told viewers. That scenario is playing out with Beyond Meat (BYND) - Get Beyond Meat, Inc. Report , a stock that peaked at $222 a share, but now trades for half that amount. Cramer explained that shares of Beyond Meat never should have traded that high in the first place. Fortunately, we've seen this pattern before.

Beyond Meat is not the first company to come public with a rapid growth rate, lots of hype and too few shares to meet demand. Back in 2014, GoPro (GPRO) - Get GoPro, Inc. Class A Report did the same, debuting at $24, rising to highs near $90, only to plunge into the single digits a year later. Cramer said the problem with so-called "sliver deals" is that there aren't enough shares to go around, which means short sellers must pay up to borrow the shares they want to sell. Once the company's lockup period expires, or in GoPro's case, the company issues more shares, demand can be met and prices plunge.

Next week, the lockup period expires for Beyond Meat, Cramer warned, and 48 million shares, 80% of the total share count, will be eligible to be sold. When that happens, Cramer said, look out below.

National Business Women's Week 

In honor of National Business Women's Week, Cramer sat down with Lori Cashman and Suzanne Norris, founders of the privately-held Victress Capital, an early-stage venture firm that invests in women-led organizations.

Cashman noted that even though women start 40% of all businesses today, they still only receive 3% of all venture funding. Victress is looking to change that by focusing on companies that have female founders or female co-founders.

Norris said the data is clear that both public and private companies that have a gender balance on their boards outperform those that don't, which is why diversity is such an important issue. That's why Victress has invested in companies like Summersalt, a swimwear and travel wear company that is quickly becoming a dominant player in a category where there previously wasn't one.

Cashman ended by saying that just having women in prominent positions isn't enough. Companies also must have policies in place to support them as well. Far too often, women are penalized for taking care of their families and their careers never recover. 

Lightning Round

In the Lightning Round, Cramer was bullish on Walt Disney (DIS) - Get Walt Disney Company Report , TE Connectivity (TEL) - Get TE Connectivity Ltd. Report , Dominion Energy (D) - Get Dominion Energy Inc Report and Consolidated Edison (ED) - Get Consolidated Edison, Inc. Report .

Cramer was bearish on iQIYI (IQ) - Get iQIYI Inc. Report , WestRock (WRK) - Get WestRock Company Report and MPLX (MPLX) - Get MPLX LP Report .

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At the time of publication, Cramer's Action Alerts PLUS had a position in DIS.