Cramer's 'Mad Money' Recap: Unassailable in a Selloff

Or finally, you need to have companies that are so defensive in nature that if there is a worldwide slowdown, these companies will meet their expectations regardless, Cramer said.

If a company does not have at least one of these three protections, investors will not be OK for now, Cramer said.

Opportunity Still Knocks

After the "worst trading day in years," there is still something "beautiful" happening in a distant corner of the ugly market, Cramer told viewers.

He advised people to take this selloff as an opportunity to start buying financials -- in particular one of the five major brokers: Merrill Lynch (MER Quote), Lehman Brothers (LEH Quote), Morgan Stanley (MS Quote), Bear Stearns (BSC Quote) and Goldman Sachs (GS Quote). Cramer owns Goldman for his charitable trust, Action Alerts PLUS.

For the first time in his memory, all five big brokers are "being run by great management," Cramer said, adding that a company's management can make or break its performance.

Here are the five "best run companies on Earth," and they are selling at a "major discount," a 30% markdown compared with the average stock, he said. This, Cramer said, will not last.

The thing that attracts him to these stocks now is that they've been getting killed for the past five days, Cramer said. "These are the kinds of pullbacks you need to be on the look out for," he said.