As Jim Cramer watched the averages plummet again on Wednesday, he kept thinking how everything goes back to China. Even oil, which has Cramer crying tears of pain right now, is linked to the slowing growth in the People's Republic.
"When it comes to everything from aerospace and elevators to consumer packaged goods to coal to oil, and now computers and cellphones, if it's sold in China, it's getting clobbered," the "Mad Money" host said.
Over time, Cramer has seen that China was regarded as the land of dreams of growth for many companies out there, and now that thesis is falling apart after the Chinese stock market crash earlier this month.
In fact, Cramer interpreted the crash as a sign that growth had finally peaked in China. And even as its market has stabilized since, money managers now think it is nothing but downhill from here.
"China, mighty China, is now regarded as a paper tiger," Cramer added. (Tweet This)
If the company does business in China, Cramer has now declared it soft, weak and slowing as the world figures out that China is done growing faster than everyone else.
But if it doesn't have Chinese exposure? Unless it severely disappoints, Cramer will be ready to buy, buy, buy.
Another trend that caught Cramer's eye on Wednesday, was how to profit from a music festival or crowded concert. Given the fact that it is summertime, Cramer took a closer look at Live Nation, the largest publicly traded live-concert entertainment company.
Not only is Live Nation both a producer and promoter of live music, but it also owns 158 venues in six countries. Plus, it also made a series of strategic acquisitions and now owns four of the five top music festivals in North America.
On top of that, it also runs an artist management business and creates content for streaming live concerts on its Yahoo channel. So, while the stock hasn't done anything crazy lately, the company has outpaced its ticket sales target for the year.
How has the business transformed over time? To find out, Cramer spoke with Live Nation CEO Michael Rapino.
"Technology has been the greatest boom to the live music business. On the core, the biggest reason our business that we are so excited about is that it's a global business…thanks to the Internet, YouTube and all those other tools, the global engaged customer base has made this business even bigger," Rapino said.
If there is one thing that Cramer knows about the market right now, it is that investors despise value stocks and are going completely gaga for growth.
Lately, money managers have been willing to pay insane amounts of money for the most turbocharged growth names, even in unusual groups like semiconductor and tech hardware makers.
Three stocks have been a total battleground as high-growth companies that have high multiples: Ambarella, FitBit and GoPro.
So, given the fact that we are in an environment that favors the growth stocks, Cramer decided to take a closer look at these three stocks to decide whether they really are too expensive or it is time to start loading up on them.
"Remember, even if you hate these stocks, I need to you to understand how a stock gets from point A to point B, especially if point A is the base camp at Everest and point B is the summit," the "Mad Money" host said.
So while all three stocks might seem ridiculously expensive at first glance, Cramer actually found that they are very cheap. The numbers add up for the valuations, and hopefully the gains in investor portfolios do too.
Read More Cramer—Ambarella, GoPro & FitBit are headed higher
If you are an investor with an urge to make yourself look like a fool in trading after hours, then Cramer says to look no further than what just happened with Chipotle.
Chipotle's stock had been under pressure after weaker than expected guidance last quarter. However, the stock ran up approximately 10 percent going into Tuesday's earnings, mainly because of rumors that the worst might finally be over.
But one minute after it reported on Tuesday, the quarter was immediately labeled a miss. As a result, the stock that closed at $674 on Tuesday plunged more than 50 points. The longs got rid of the stock, and the short sellers placed their bets against the once red-hot sock.
Finally, the game changed when Hartung explained that Chipotle intended to buy back stock with all of the cash it has accumulated on its balance sheet. In fact, it had already put $100 million to work over the past three months.
That was it. By the end of the call, the stock was back in the black.
Cramer's moral of the story?
"Wait, don't trade right after you see the headlines and listen to what the darned CFO has to say," the "Mad Money" host said. (Tweet This)
Read More Cramer: Dangers of trading on earnings after hours
One company with an exciting story is Spark Therapeutics. It uses gene therapy to address major unmet medical needs and has developed one-time treatments that basically cure patients with debilitating genetic diseases.
For example, the most advanced product in Spark's pipeline is a treatment for a rare gene mutation that causes blindness. Early stage data showed that it can actually reverse vision loss in children with this genetic condition, for which there is currently no existing cure.
Cramer found this story so intriguing that he decided to sit down with Spark's co-founder and CEO Jeff D. Marrazzo.
"Part of it is that we are really able to understand the genetic basis of disorders in a much, much better rate. We are also now being able to do the necessary genetic testing to identify patients and understand these very specific diseases," Marrazzo said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
American Tower Corp: "I like American Tower because Sprint and T-Mobile need more tower space and the stock has been acting better, you know that's good. I saw Crown Castle, it was iffy today. I don't care for it. I like American Tower."
Twenty-First Century Fox Inc: "Yes, I think Fox is okay. We owned it for actionalerts.com and then decided to sell it for greener pastures ahead. I'm considering it a don't buy."