Cramer's 'Mad Money' Recap: Figure in RIM for Growth

Cashing in on Chavez

"Who is afraid of the big, bad Hugo Chavez?" Cramer asked. "Not Cramerica!" In fact, Cramer said he has two great speculative plays on Venezuela that could have huge payoffs.

Everyone else might believe that Venezuela's becoming the biggest enemy of capitalism and that it would be crazy to invest in companies with exposure to the country. But as far as he's concerned, Cramer said, "the bad news in Venezuela is baked in."

His first speculative play on Venezuela is Harvest Natural Resources(HNR Quote), an oil-exploration company.

There is risk in this play, Cramer said, and he warned viewers not to buy it after hours. However, Cramer believes that the deal Harvest has made with Venezuela "isn't as bad as it looks."

In fact, it's had some positive results, such as expanding the company's drilling contract by 14 years, until 2026, and giving it three new fields to drill on.

And because the entire world is scared of them, stocks such as Harvest become really cheap, Cramer said. Harvest trades at 11.3 times forward earnings estimates. "You're getting a Hugo Chavez discount on Harvest, and I would take that discount," Cramer said.

Cramer couldn't justify paying much more than $15 a share for the stock, but at $12 now, he said, he regards it as a steal.

The other stock Cramer is speculating on is Ternium(TX Quote), a steel-maker whose products are in hot demand, he said.

In Ternium's case, there's no fear of nationalization because it's actually an Argentinian company. Because Chavez likes Argentina, Cramer said, he won't bully Ternium.

"From Chavez's perspective, Ternium isn't a foreign company," he said. "It's a South American company, so it's safe."