Cramer leaned on the history of the dot-com bubble to inform his latest market advice, and urged investors in high-flying electric vehicle stocks to remain disciplined.
The host of "Mad Money" said that he can't blame anyone who wants to find the nextTesla, but that he needs you to remember the lessons of 1999. If you didn't ring the register quickly, you'd get killed, but there were many stocks that made you money back then.
Rivian automotive and Lucid Group, two electric vehicle start-ups that have soared in recent days, fell on Wednesday.
Rivian plummeted 15% Wednesday but is still up 45% over the past five sessions. Rivian has a market cap of $124.6 billion, which is larger than that of General GM and Ford.
Even after sinking 5.3% Wednesday, Lucid is up 29% over the past five trading days. The luxury EV maker has a market cap of $85 billion, despite recording less than $1 million in revenue over the first nine months of the year.
Cramer said that investors want to get in on the ground floor of the nextTesla, a pioneer in the electric vehicle industry that is worth more than $1 trillion. Cramer said that it was worth hunting for the next big winner, but only if you knew that it wouldn't happen.
Cramer said that it is possible that multiple EV companies will succeed down the road, but that doesn't mean their stocks are on a one-way ride higher. He said that even though the dot-com bubble burst, investors ended up feeling pain.
Cramer said that the momentum traders who crowded into their stocks during the dot-com era were eviscerated. The dot-com bulls were right about what the future would look like, but they were too optimistic about the timing.
He wants electric vehicle investors to be practical.
Cramer said that if you own both Rivian and Lucid, you have his blessing to take half off the table. It is better to ring the register early and often if you are playing momentum, not car companies or technology.
