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NEW YORK (TheStreet) -- People are paying way too much attention to Fed Chair Janet Yellen and too little to what's happening to the company themselves, Jim Cramer told his Mad Money viewers Thursday.

Cramer noted that while people are obsessing about the Fed and having another S&P 500 record, he's a throwback to "days when we looked at what individual companies are doing. But being old-fashioned doesn't make me wrong."

People obsessed with the Fed have kept you out of the market and missing opportunities, he said, and the Fed's bond buyback tapering is simply not having an impact on the market.

Look at Starbucks (SBUX - Get Report), which was up 2.21% at Thursday's close, Cramer said. It's been marking time for the last eight months, in part because coffee prices were up 44% this year. The company has expanded its menu, added alcohol sales, cell phone chargers at tables and other improvements like helping its employees pay for college. When UBS upgraded its outlook on Starbucks today, the stock popped.

He also pointed out Kroger (KR - Get Report), which rallied more than 5% today. Why?  Expectations were "super negative" among short-sellers. Today's spectacular numbers and dramatic raid of guidance sent Kroger to an all-time high.

Cramer's bottom line? Let Starbucks and Kroger be a reminder that companies and their managements matter more than the policy of the Federal Reserve.

Executive Decision: Gary Friedman

In his "Executive Decision" segment, Cramer looked at Restoration Hardware's (RH - Get Report), which reported earnigns this week and said revenue rose 21.6% from the prior year. How does Restoration Hardware's in-store experience give it an edge in the sector?  To answer that question, Cramer spoke to CEO Gary Friedman.

Friedman says you need to think of the company's products in terms of design and quality rather than price.

 "We're the first ones to bring scale to this business," Friedman said. "There are those with taste and no scale, and those with scale and no taste. We're doing both."

Friedman noted about 8% of the retail market is online and that's what all the creative people focus on. But what about the 92% in-store sales? Friedman said he wants to bring a level of humanity into retail stores that are otherwise devoid of windows, fresh air and plants.

As for the company's massive catalog, Friedman called it a "source book" that expands Restoration Hardware's marketing beyond its stores. Online, any mom-and-pop store can look as big as Restoration Hardware, he said. "The source books are the only physical manifestation of our brand on the market," Friedman said. "That's where we can stand out."

Goal-Oriented BUD

Continuing his highlighting of favorite companies from the countries that look the strongest in the ongoing World Cup, Cramer checked out the Brazilian roots of beer giant Anheuser-Busch InBev (BUD).

The world's largest brewer is a Belgian/Brazilian multinational. The company is a result of many mergers dating back to before 2004 and formed as BUD after a merger in 2008. It's the world's biggest brewer, with over 200 brands and 25% market share worldwide. It has almost half of the market share in the U.S. beer business, and even more in emerging markets.

BUD is also the official beer of the World Cup. In fact, Anheuser-Busch was strong enough to write its own legislation to sell beer at World Cup matches in Brazil, Cramer said. Of course, the only ones available at events are owned by InBev.

Cramer says he likes beer but he also likes the business of beer. Governments rise and fall, but like diamonds, beer is forever. He called BUD a steady dividend stock with slow and steady growth. Dividends have grown 38.7% since selling Bud under its new name in 2008. Cramer expects it to continue to make acquisitions to enhance the company's value.

The company could also use acquisitions to expand in the booming craft beer space, Cramer said, turning niche products into huge sellers. Look what it did with the purchase of Goose Island for $40 million in 2011. Sales have boomed.

BUD's not cheap, selling at nearly 19 times next year's earnings estimates, but Cramer sees it as a best of breed worth the cost.

Executive Decision: Jim Whitehurst

In his second "Executive Decision" segment, Cramer sait down with CEO Jim Whitehurst of Red Hat RHT, the world's open source computing leader. Late Wednesday Red Hat reported terrific earnings and said it delivered a record number of deals of a million dollars or more. It closed up 3.79% Thursday.

That Red Hat delivered good numbers could be a positive sign for other high-flying tech stocks, Cramer said. Whitehurst said that based on his company's results -- the best quarter in five years -- IT spending is on the mend. Whitehurst said telecoms are increasingly looking to expand their IT infrastructures, and Red Hat is well-positioned to meet that demand.

When most people hear "the Cloud," they think of Amazon (AMZN - Get Report) but Whitehurst said his company has many relationships with the online retail giant. When you search and buy something on the site, it's powered by Red Hat's technology, he pointed out.

Cramer said Red Hat's strong results could be proof that economic recovery is on steady ground. Stay with Red Hat, he said.

Lightning Round

In the Lightning Round, Cramer was bullish on Gilead Sciences (GILD - Get Report), Celgene (CELG - Get Report), Legg Mason (LM - Get Report), Anadarko (APC), Occidental Petroleum (OXY - Get Report), Palo Alto Networks (PANW - Get Report) and Stryker (SYK - Get Report).

Cramer was bearish on Chipotle Mexican Grill (CMG - Get Report), Chevron (CVX - Get Report), OSI Systems (OSIS - Get Report), IBM (IBM - Get Report), Ballard Power (BLDP - Get Report) and General Electric (GE - Get Report).

No Huddle Offense

Cramer says he considers himself an optimist and thinks this bull market is on solid ground. He is concerned, however, about a large number of IPOs in the market that has led to a notable increase in shares on the market. Supply kills, Cramer said.

Valuation in unsustainable in these situations and the subsequent selling can infect other parts of the market and, in a worst-case scenario, bring about disaster.

Cramer is "uncomfortable" about the return of IPOs. There were five on Thursday, he said, "way too many" for him. Plus, only two made money, while the other three "stunk up the joint."

He's not fearful, but cautious. That oversupply is worth watching closely.

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-- Written by Chris Sahl in Boston.

At the time of publication, Cramer's Action Alerts PLUS had a position in APC, CELG, GE and OXY.