TheStreet.com TV Recap: Win Two Ways

Even if your favorite stock isn't headed to the moon, you might still win in the end if your company gets bought.

Focusing on Longview Fibre's (LFB Quote) $1.63 billion buyout deal, Jim Cramer said on TheStreet.com TV's Wall Street Confidential video Monday that the company fits the pattern of what's happening in the market right now.

Longview is a "sleepy" company that's missed its quarter a couple of times, and the analysts who follow it "hated it" and felt it couldn't get a bid. He chose to focus on it because "there are probably a thousand companies that look like it."

In turn, he said, this comes to his point of view that two thirds of the stock market is "dramatically undervalued." Cramer said the reason for his rosy outlook on stocks is in part because companies with great growth take care of themselves and the companies that don't have great growth get bought.

"It's important for people to focus on the idea that you can win two ways," he told Task.

Although he's been hearing the "as good as it gets argument" since 1981, Cramer said there has only been one period where it was as good as it got: March 2000. This argument will always be prevalent when it's good, he said. It is the "chestnut that is so easy to keep people out."

"The odds are really stacked against people getting in," Cramer said. However, "the idea that people should get in is where I start from, as opposed to where I finish."