Cramer's 'Mad Money' Recap: No Flash in the Pan

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Demand for NAND flash memory is so strong and supply is so tight, Jim Cramer is willing to break one of his cardinal rules of investing, buying best of breed stocks, he said Friday on his "Mad Money" TV show.

SanDisk (SNDK Quote) is the absolute best of breed when it comes to flash memory, said Cramer, and that's the safe way to play it, he said. But if you're willing to take on more risk, Cramer believes you might be able to make even more money buying the "absolute worst of breed" -- Lexar Media (LEXR Quote).

Cramer said Lexar has been a "piece of garbage." But, because it is so bad, it has the most room to improve, and the market is giving it that chance, he said. Cramer believes if everything goes well for Lexar, the stock has the potential to go to $9.50 or $10. Lexar ended the regular trading session Friday at $6.38.

In response to a question about Apple Computer (AAPL Quote), Cramer said Apple isn't cheap, and if you have a big gain, "no one ever got hurt taking a profit." That said, Cramer believes sales at Apple are still good, and he believes Apple will have a "great" Christmas.

Cramer is bullish on HDFC Bank (HDB Quote) as a play on growth in India. Cramer believes financial stocks are the best way to play emerging markets, and low interest rates coupled with "colossal" growth in India are bullish for banks there.

Cramer prefers HDFC to another prominent Indian bank, Icici Bank (IBN Quote), even though Icici pays a higher dividend yield and has broader exposure to the Indian economy. The problem is Icici is closed to investment by foreign funds. HDFC, on the other hand, is still open to foreign investors, "which makes it a lot more appealing," and HDFC reported stronger revenue growth in its most recent quarter than did Icici. Both banks have earnings growth north of 30%.