TheStreet.com TV Recap: Three Stocks for the Long Haul

Moving on, Cramer called Goldman Sachs "an excellent company" as it hedges risk. "If you hedge risk you make a lot of money in the brokerage business because there are no collateral issues," he said. "You already have the collateral in the firm, but Goldman's risk profile is extraordinarily good, and that's what you're buying when you're buying Goldman."

Another one of his long-term picks, ConocoPhillips, is a company that paid a lot of money to buy Burlington Resources, a big natural gas company, Cramer said. It looked stupid then, and it still doesn't look too bright now, but Cramer considers Jim Mulva, Conoco's chief executive, to be very smart.

"My take is politicians will eventually rediscover natural gas," he said. Everybody talks about the idea of nuclear power and the idea of coal, "but our real surplus is in natural gas, which is at the same price it was when oil was at $50."

"If you believe that, then COP has the brightest future of all the integrated oils," Cramer said.