Pay no attention to the hedge fund managers on TV, Jim Cramer told his Mad Money viewers Thursday. Listen to yourself, do your own work and you'll do just fine.

Cramer said it takes a lot of conviction to own some of the hottest stocks in this market. But listening to the bears and naysayers that are only trying to scare you out of stocks will get you nothing. Sure, stocks like Facebook (FB) , an Action Alerts PLUS holding, are priced for perfection, but it's always been that way. Shares of Facebook were $98 two years ago, $126 last year and $167 today. If you had listened to the bears, you'd have miss the entire move.

The same goes for the consumer packaged goods stocks, many of which trade between 20 and 25 times earnings. Is that expensive? Sure. But then again, their dividends far exceed that of Treasuries, making them a worthy investment for many who need income.

Cramer said in his experience, the best time to buy stocks is when the fund managers are all lined up on the opposite side of the trade. Does that take guts? You bet. But it's also totally worth it.

On Real Money, Cramer says it takes a ton of discipline and conviction to own a Facebook or an Amazon (AMZN) or an Apple AAPL through these runs. Get his insights with a free trial subscription to Real Money.

Executive Decision: Planet Fitness

For his "Executive Decision" segment, Cramer sat down for the first time with Chris Rondeau, CEO of Planet Fitness (PLNT) , the fitness chain with over 10 million members. Shares of Planet Fitness rallied 9% today after the company posted a three-cents-a-share earnings beat with a 9% rise in same-store sales and robust guidance.

Rondeau said that Planet Fitness lives their culture of fitness for everyone by having the right equipment that's conducive to first-time members and by being open 24 hours a day. He said their membership spans all ages and income levels and includes 49% millennials.

Planet Fitness operates on a lean, fixed-cost model, Rondeau explained, so every new member flows right to the bottom line. The company also earmarks 9% of all membership dues to marketing, ensuring that the current membership helps fund the next generation.

Just the Ticket 

When you're thinking about millennials, think no further than concert promoter Live Nation (LYV) , Cramer told viewers, after the company just delivered strong second-quarter results that showed just how powerful this segment of the population can be.

Ticketmaster has sold more than 68 million tickets so far this year, and Live Nation's free cash flow soared 42% as a result. The company is increasingly using mobile apps and artificial intelligence to let you know about every concert, festival and piece of merchandise you might be interested in. Just about every metric, from festivals to tickets and merchandise, is on the rise.

Cramer said Live Nation is one of the best millennial plays out there and he'd use any pullback is an excellent opportunity to buy.

Executive Decision: U.S. Concrete

In his second "Executive Decision" segment, Cramer sat down on location in Brooklyn with Bill Sandbrook, president and CEO of U.S. Concrete (USCR) , which today posted a nine-cents-a-share earnings beat with a 23.6% increase in year-over-year revenues.

Sandbrook said their Brooklyn facility services over 150 concrete trucks a day and is just one of 17 facilities the company has in New York City that services more than 350 trucks. Concrete is a perishable commodity both for time and distance, Sandbrook explained, which is why his company's network is to vital to its success.

U.S. Concrete supplied concrete for all of the World Trade Center facility as well as for renovations and expansions at LaGuardia airport and all of the region's bridges and road projects.

While the Federal government may be stalled when it comes to infrastructure spending, 26 states have boosted gas taxes to provide much-needed infrastructure funding.

Sandbrook also noted that the death of retail is not the death of concrete, as U.S. Concrete is a major supplier to company headquarters, data centers and fulfillment centers around the nation. 

Cramer and the AAP team are taking advantage of the market selloff by adding to their position of Eli Lilly (LLY) . Find out what they're telling their investment club members now and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Lightning Round

In the Lightning Round, Cramer was bullish on Nike (NKE) , PVH Corp (PVH) , IAC Interactive (IAC) and Expedia (EXPE) .

Cramer was bearish on Under Armour (UAA) , Weight Watchers (WTW) , TripAdvisor (TRIP) , Stericycle (SRCL) , Trivago (TRVG) and Priceline Group (PCLN) .

Executive Decision: Cypress Semiconductor

In his second "Executive Decision" segment, Cramer checked in with Hassane El-Khoury, the new president and CEO of Cypress Semiconductor (CY) , a stock that's up 15.5% for the year.

El-Khoury said that Cypress is a leading player in the automotive sector, with 38% marketshare in digital dashboards, touch interfaces and connectivity. He said this sector, which accounts for 30% of revenues, will be a driver of growth for years to come.

Cypress is also a big player in the Internet of things. With everything getting connected, El-Khoury said the Cypress will have growth in that market for years as well.

Finally, El-Khoury noted that the transition to the newest USB Type-C connectors for PCs, laptops, printers, and accessories will also be a big growth area short and long term. Cypress is rapidly evolving from simply a chip provider to a systems enabler that can solve higher-level problems and provide tons of value for equipment makers.

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

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