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Sometimes the markets just want to go lower, Jim Cramer admitted to his Mad Money viewers Wednesday, but don't let the negatives obscure the positives.

Cramer said the news of a North Korean nuclear test was far from reassuring but that shouldn't induce a global panic. After all, ADP (ADP - Get Report) reported strong employment here at home and our defense contractors, among the best in the world, continue to roar higher as tensions mount.

With stocks like Apple (AAPL - Get Report) , a stock Cramer owns for his charitable trust, Action Alerts PLUS, reporting record app store sales and Netflix (NFLX - Get Report) reporting increased binge watching, there's still lots to like about stocks, Cramer continued. Even Macy's (M - Get Report) , which pre-announced a weak number, was able to end the day with a 3.7% rally.

So while the hedge funds and money managers may be selling, that doesn't mean you should. Be patient, Cramer concluded, and consider doing some buying while stocks are on the way down.

Nasdaq's Best

Continuing with his 2015 year in review, Cramer looked at the best-performing stocks in the Nasdaq to see what's still worth buying. Four of the top five Nasdaq names were covered in Tuesday's show because they are also included in the S&P 500 -- Netflix, Amazon (AMZN - Get Report) , Activision Blizzard (ATVI - Get Report) and Nvidia (NVDA - Get Report) . As for number five, the Chinese Ctrip (CTRP) , Cramer said "no thanks."

But further down the Nasdaq list were some real gems, he noted, including Starbucks (SBUX - Get Report)  and Alphabet (GOOGL - Get Report) , both Action Alerts PLUS positions, Electronic Arts (EA - Get Report) , biotech Incyte (INCY - Get Report) , Cramer fave Ulta Salon (ULTA - Get Report) , Expedia (EXPE - Get Report) and T-Mobile US (TMUS - Get Report) .

Cramer said only Electronic Arts raised red flags and he still prefers rival Activision Blizzard. The rest remain attractive and will all head higher in 2016, albeit probably by not as much as they did last year in 2015. He advised waiting for the next market pullback, then do some buying.

Nasdaq's Worst

Rounding out his look at the Nasdaq in 2015, Cramer examined the five worst-performing stocks to see if there were any bargains to be had. The stocks are Micron Technologies (MU - Get Report) , hard-drive makers Western Digital (WDC - Get Report) and Seagate (STX - Get Report) , Viacom (VIA.B) and retailer Bed Bath & Beyond (BBBY - Get Report) .

Unlike the losers in the Dow Jones Industrial Average and S&P 500, these companies are profitable, they just lack the growth that investors are craving. Micron, Seagate and Western Digital are all levered to the decline of PCs, which continue to decline faster than the companies' efforts to diversify elsewhere.

Then there's the media giant Viacom, which sports a 4% yield but also has a lot of debt. Cramer said he couldn't make a case for buying this company, which trades like a newspaper stock.

Finally, there was Bed Bath & Beyond, a retailer that's hard to value. The company generates a ton of cash but lacks growth. Cramer said he's will to make a bet this company does something bold, such as an acquisition or a new store concept, to reinvigorate its stock.

Executive Decision: T. Boone Pickens

For his "Executive Decision" segment, Cramer spoke with oil tycoon T. Boone Pickens, founder and chairman of BP Capital, for the latest read on what investors should be thinking when it comes to the agony of oil prices and oil stocks.

Pickens believes oil prices are close to a bottom, but admitted his predictions thus far have been about "a year off."

The world oil market is only oversupplied by about one million barrels a day, Pickens noted. Thus, it won't take much for the market to balance and prices to return to $70 a barrel by year end. In fact, Pickens said the recent tensions between Saudi Arabia and Iran may be the tipping point for oil prices.

When asked about the oil industry, Pickens sees more consolidation coming, even though the banks have been "very patient" so far with struggling oil drillers.

Finally, when asked about natural gas, Pickens was far less certain. He said while the U.S. remains the number one producer of natural gas, he's both made, and lost, a lot of money trying to predict where prices may be headed.

Lightning Round

In the Lightning Round, Cramer was bullish on Avnet (AVT - Get Report) and Orbital ATK (OA) .

Cramer was bearish on Tech Data (TECD - Get Report) , Whiting Petroleum (WLL - Get Report) , CSX (CSX - Get Report) , Spirit Airlines (SAVE - Get Report) and Potash (POT) .

Executive Decision: Kevin O'Leary

In his second "Executive Decision" segment, Cramer sat down with Kevin O'Leary, serial entrepreneur and a judge of CNBC's "Shark Tank," to talk about his newest venture, O'Shares, which manages the O'Shares US Quality Dividend ETF (OUSA - Get Report) , an exchange-traded fund that has an investment strategy based on various pre-determined rules.

O'Leary said investors look at events like the North Korea news all wrong. This isn't the first time North Korea has surprised us with nuclear tests, he said, but every time they do the markets are higher 90 days later. As for the rest of Asia, things may be slowing but they're still better than here in the U.S.

O'Leary said his new fund puts a few key rules in place. First, it only invests in dividend stocks because that's where the returns are. Second, he won't invest more than 5% in any one stock, nor more than 20% in any one sector. Because his ETF is rules-based, it adapts to the markets to ensure diversification.

Finally, when asked about the success of Shark Tank, O'Leary noted women between the ages of eight and 18 are among the fastest-growing demographic for the show, and that of the many investments he's made, most of his profits stem from women-owned ventures. "Women kill it in business," he concluded.

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 AAPL, GOOGL and SBUX.