CNBC's Jim Cramer on Thursday explained four different schools of thought in examining the mixed messages they took from Wednesday's Federal Reserve meeting. While the Fed chose not to hike up rates in the short term, it hinted at more hikes later this year.

Cramer noted that while investors have had a little time to process the implications of the Fed's meeting, they are now eager to put their money to work.

"They got their reasons, or maybe even they make up the reasons, and today, the purchases, well, let's just say they were done with reckless abandon," he said. "I say that because, again, the animal spirits right now control the buyers, and they can just as easily craft a story about buying any stock they want."

Cramer noted that the first camp of buyers believe the Fed's bark is worse than its bite and don't think it will end up hiking rates to the point of recession.

These buyers, according to Cramer, are investing in industrial companies that do well in a bustling economy. Industrials are needed for a plethora of businesses, from road construction to oil drilling to building the data centers and semiconductor foundries needed for artificial intelligence.

The second camp believes in the exact opposite. For them, the Fed's moves suggest it will keep tightening until it forces the economy into a recession. Cramer believes these buyers would be wise to invest in Big Pharma because the industry is "more or less recession-proof."

Cramer cited Eli Lilly, which is developing two big-ticket products — Majourna, which is used for diabetes and weight loss and is already being taken off label, and a new Alzheimer's treatment. He also highlighted Johnson & Johnson, which is in the middle of litigation over claims its talc-based baby powder causes cancer, but still has a thriving medical-device business that is doing especially well due to the backlog of non-urgent surgeries in the post-Covid ear.

The third camp, Cramer said, is comprised of those with "FOMO," or fear of missing out, who are excited about fast-casual restaurant chain Cava and feel that it just had one of the most successful initial public offerings of all time.

The fourth camp are made up of money managers who have been short with this market so far and now realize they have made a mistake.

"When you put these four, often contradictory, groups of buyers together, you can get a magnificent run across the board like we had today," Cramer said. "Ultimately, maybe only one camp can be right, but in the interim, as the bets are being made, almost every kind of stock is going higher."

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Johnson & Johnson and Eli Lilly.