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NEW YORK ( TheStreet) -- Opportunities only exist for those who do the homework, Jim Cramer told his "Mad Money" TV show viewers Wednesday. He said those investors who are just simply following the Federal Reserve have had a hard time making money in this market, but those with discipline have had a very good month.

Cramer said biotech remains a red-hot bull market, with Celgene ( CELG - Get Report) up 89% for the year and others, such as Trius Therapeutics ( TSRX), getting a takeover bid. Shares of Trius are up 116% since Cramer first recommended it.

Investors are also pouring money into spirits, noted Cramer, with Anheuser-Busch InBev ( BUD), Diageo ( DEO) and Boston Beer ( SAM - Get Report) all posting solid gains.

Cramer said investors could also follow hedge fund managers with investments such as Air Products ( APD - Get Report) or Herbalife ( HLF - Get Report). His own charitable trust, Action Alerts PLUS, has been making moves in both Facebook ( FB - Get Report) and even Apple ( AAPL - Get Report).

But for investors to make money in any of these names, Cramer said, they must invest in individual companies and not blindly follow what the Fed watchers have been suggesting, which has been to sell, sell, sell.

Executive Decision: Sally Smith

In the "Executive Decision" segment, Cramer spoke with Sally Smith, president and CEO of Buffalo Wild Wings ( BWLD), the restaurant chain which just posted earnings that beat expectations by 9 cents on better-than-expected revenue despite speculation that chicken prices would hurt the company's sales.

Smith said operating costs turned out to be the lowest in eight quarters and she's very pleased with the results. She said Wild Wings is very much looking forward to the upcoming football season because that's the busiest time of the year for her chain. She noted that fantasy football also keeps customers coming back week after week.

One of the controversial points in the quarter was Wild Wings' decision to change portion sizes for their wings. Smith explained that with larger wings, customers may find a few less wings on their plate but the same amount of meat, while they'll get more wings with smaller sizes. Overall, Smith said, customers are liking the consistency of ordering essentially by weight rather than by the wing and it has had no impact on sales.

Wild Wings is also looking to continue growing. The company made a small investment in a made-to-order pizza chain and is looking to open a concept restaurant in 2014. It is also going overseas, inking a deal for five restaurants in the Philippines. Wild Wings also introduced a beer specifically designed to go with wings and that beer is already in the number four spot among the beers it sells.

Cramer said he continues to be a fan of Buffalo Wild Wings.

Traveling Online

When two companies in the same sector report wildly different earnings, there's something going on, Cramer told viewers. That's certainly the case in the travel industry where TripAdvisor ( TRIP - Get Report) blew away the estimates and saw its shares surge by 16%, while Expedia ( EXPE - Get Report) had a disaster of a quarter, sending its shares plunging 27%.

On the surface, it may appear these companies do the same thing, but in reality Expedia makes its money by selling tickets and rental cars while TripAdvisor is more of a social media play that makes money the old-fashioned way, from advertising, Cramer said.

He noted that astute listeners to the company's conference call would know that ( PCLN) invested heavily in TripAdvisor ads, while Expedia didn't, which explains its shortfall in sales.

Cramer said he remains a fan of Priceline, as its new Web site is generating three times the number of conversions and its Kayak acquisition is beloved by all who use it. Priceline trades at just 18 times next years earnings with an 18% growth rate, making it a steal in Cramer's book given its superb growth prospects around the globe.

Lightning Round

In the Lightning Round, Cramer was bullish on US Airways Group ( LCC), Regeneron Pharmaceuticals ( REGN - Get Report), CVS Caremark ( CVS - Get Report), Fifth & Pacific ( FNP), VF Corp ( VFC - Get Report) and PVH Corp ( PVH - Get Report).

Cramer was bearish on Alaska Air Group ( ALK - Get Report), Intuitive Surgical ( ISRG - Get Report), Westport Innovations ( WPRT - Get Report), International Business Machines ( IBM - Get Report) and Teva Pharmaceutical ( TEVA - Get Report).

Executive Decision: Jonathan Bush

In his second "Executive Decision" segment, Cramer sat down with Jonathan Bush, chairman, president and CEO of AthenaHealth Solutions ( ATHN), the cloud computing provider to the medical industry that's up 35% since Cramer last recommended it in January.

The outspoken Bush said what separates Athena from all other providers is the other guys are still selling enterprise software while Athena sells the disruptive cloud technology. He said Athena doesn't fit a software model, it's a "fee for service" provider that helps doctors get paid faster by getting claims where they need to go correctly and more efficiently.

How much room is there for Athena to grow? Bush said that his company currently has just 4% of all doctors signed on, which means it can double in size many times before even becoming a major player in the industry.

Turning to the topic of where health care is headed in our country, Bush noted that even now the old "fee for service" model is morphing into a "fee for outcome" model, where there are now consequences for doctors if they don't refer to the best specialists and pharmacies. That's great news for Athena, which now has a database of those best outcomes.

Cramer said AthenaHealth continues to be an exciting stock in an increasingly complicated sector and he continues to like its growth and prospects.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer opined on President Obama's plan to allow companies to bring their cash back to the U.S. at favorable tax rates in return for increased infrastructure.

Cramer said the plan seems like a no-brainer, as companies like Perrigo ( PRGO - Get Report) are making acquisitions overseas just so they can avoid the high tax rates of the U.S. The problem, he said, is painfully obvious to everyone, and who wouldn't also like some increased spending and job creation here at home?

But alas, Cramer said he's skeptical that Congress has the ability to come together on this, or any, issue in the foreseeable future. In the meantime, he said companies should move their money overseas as it's just getting too expensive for them to do business here in the U.S.

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

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

To email Scott about this article, click here: Scott Rutt

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At the time of publication, Cramer's Action Alerts PLUS had positions in AAPL and FB.

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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