It’s much easier to buy stocks from a list than to find your own candidates. But can you make money this way?

David O. England, a retired finance professor from Carbondale, Ill. who now offers investing classes and workshops, decided to test a recent stock “buy” list from well-known CNBC host and best-selling author Jim Cramer. And he’s challenging Cramer to put a meal where his mouth is.

On April 6, 2015, “Jim Cramer’s Picks — Here are 49 Stocks to Buy Right Now,” was published on TheStreet.com.

In the article, Cramer makes a strong case for these 49 stocks. “Every single one of these companies reported excellent last quarters, and with no exceptions their charts are pretty much perfectly made for this downturn,” Cramer wrote. Even if there is a correction or pullback, Cramer says these stocks will do well. Cramer writes, “This is THE list. Go forth and conquer.”

To test Cramer’s picks, on April 6, England spent $49,000 in a paper-trade account, i.e. he bought $1,000 of each security not including commissions at the close of the following day. England is tracking Cramer’s performance on his website. He keeps a weekly record of the results, and after six months, he will publish the final results.

The wager

To make it interesting, England is betting Cramer a dinner at the 17th Street BBQ in Murphysboro, Ill., recently cited as one of the best rib houses in the country. The bet includes a round-trip (coach) airplane ticket. If Cramer’s picks are profitable (more stocks up than down) at the end of six months, England pays. If the picks are unprofitable, Cramer picks up the tab to send England to New York for ribs.

Of course, this depends whether Cramer accepts the wager (so far, no word from Cramer).

The purpose

I asked England why he is tracking Cramer’s buy list.

“I want hard-working people to know if they should buy stocks based on buy lists,” England says. “The bull market is getting long in the tooth so is it time to jump into new positions or take profits? I have tracked buy recommendations in the past and most have been bloodbaths.”

He adds: “I am keeping an open mind on Cramer’s picks. If he hits a home run with his stocks, I will publicly praise him and treat him to dinner. If his picks are unprofitable, I’ll write about the dangers of buying stocks from buy lists without having a system.”

What kind of system? “If you don’t rely on buy lists,” England says, “then you should learn how to do your own stock scans. I think people should be empowered to make their own financial decisions. Perhaps Cramer is an excellent stock-picker. I am not challenging him as a person, only the quality of his buy recommendations. I can’t wait to see who’s right.”

The lesson

There are many lessons to learn from this challenge. First, test the stocks by paper trading. Knowledgeable investors, meanwhile, can buy call options rather than individual stocks. The best idea is never to buy stocks based on tips or recommendations — even if they come from pros.

U.S. GDP contracts in first quarter

People will immediately invest $20,000 after hearing a stock tip from a stranger or unknowledgeable friend, but spend a month researching a $400 TV. If you feel compelled to buy any of the 49 stocks on Cramer’s list, or any other, first analyze and test whether the picks are credible.

For reference, here are the 49 stocks Cramer recommended in his April 6 column:

AutoNation AN, -1.42%

AutoZone AZO, -1.53%

CarMax KMX, +0.07%

Cracker Barrel Old Country Store CBRL, -4.19%

Costco Wholesale COST, -0.86%

CVS Health CVS, +1.98%

Darden Restaurants DRI, -1.80%

Dillard's DDS, +1.26%

Dick's Sporting Goods DKS, -0.20%

Dollar Tree DLTR, -0.58%

Dollar General DG, +2.26%

Hanesbrands HBI, -0.82%

Jack in the Box JACK, -2.18%

Jarden US:JAH

L Brands LB, -0.52%

Kroger KR, +2.15%

Kohl's KSS, +0.60%

Macy's M, -1.45%

Ross Stores ROST, -1.71%

Under Armour UA, -3.64%

Urban Outfitters URBN, -3.14%

Actavis ACT, -0.89%

AmerisourceBergen ABC, +0.02%

Boston Scientific BSX, -3.00%

Cardinal Health CAH, +0.80%

Cerner CERN, -2.68%

Cigna CI, -0.63%

Edwards Lifesciences EW, -0.58%

Humana HUM, +1.29%

Medtronic MDT, -0.19%

McKesson MCK, +0.41%

Perrigo PRGO, -2.70%

UnitedHealth Group UNH, +0.99%

Hormel Foods HRL, -1.53%

J.M. Smucker SJM, -0.53%

Mondelez International MDLZ, -1.20%

Monster Beverage MNST, -2.13%

Toll Brothers TOL, +0.83%

D.R. Horton DHI, -0.85%

Lennar LEN, +1.33%

Analog Devices ADI, -0.50%

Avago Technologies AVGO, -1.70%

Cypress Semiconductor US:CY

Qorvo QRVO, -1.75%

Skyworks Solutions SWKS, -1.69%

CyberArk Software CYBR, +0.02%

FireEye FEYE, -1.17%

Fortinet FTNT, +1.67%