Cramer's 'Mad Money' Recap: The Next Big TV Market

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"What happened in our markets today is exactly why I've been focusing on Russian stocks all week," Jim Cramer told viewers of his "Mad Money" TV show Friday.

He reminded viewers that they should never rely solely on the U.S. economy and should always diversify, with at least 20% of their portfolios in overseas stocks.

Cramer, Yamana CEO Talk Gold

For his final stock pick in his week-long "From Russia With Love" series of Eastern European stocks to own, Cramer recommended Central European Media CETV.

According to Cramer, the story at CETV is simply one of growth, growth, and more growth. The company commands a phenomenal 43% marketshare in its home country of the Czech Republic, and has sizeable share in every country where it operates.

"CETV blankets all of Eastern Europe," said Cramer. Better still, all of CETV's markets are under-penetrated, with ad revenues growing at 5% a year on average.

CETV is up 61% since he first recommended it on Nov. 29, 2005. Cramer is reiterating his buy, citing the company's stellar fourth-quarter results, in which it posted a 41% increase in revenues. The company trades at just 16.8 times expected earnings, but has a long-term growth rate of 31%.

"I call a stock cheap when the company has good fundamentals and it trades at a multiple below its growth rate," said Cramer. "Get into CETV while it's cheap," he continued.

Head North for Natural Gas

Cramer looked to the north to recommend Canadian Natural Resources CNQ, the second largest oil and natural gas producer in Canada, as the last in his series of "catch-up" stocks that lag against their peers.

According to Cramer, CNQ has been under-performing due to delays and cost overruns associated with the company's Horizon oil shale project. This project, once online, has the capacity to produce up to 110,000 barrels of oil a day.

"This is huge," said Cramer, who noted that many investors has lost sight of the project's true potential amidst the flurry of negative media reports.

He noted that CNQ's current oil production is only 609,000 barrels of oil a day. In addition, CNQ has the second largest land position in Canada's oil share region. The company is estimated to have up to 3.6 billion cubic feet of potential reserves.

Cramer said he thinks CNQ could become the next Apache APA or Anadarko APC. He noted the stock trades at just 13.1 times expected earnings while the industry average multiple is 13.9.

Cramer said CNQ deserves a premium multiple once the Horizon project comes online in the third quarter of this year.

Am I Diversified?

Cramer responded to callers seeking advice on portfolios.

The first caller's portfolio included Triple-S Management GTS, Gushan Energy GU, Petrobras PBR, LKQ Corp LKQX and Mobile Telesystems MBT.

After some thought, Cramer blessed it as different enough to make the grade.

The second caller's top holdings included Pepsi PEP, Johnson and Johnson JNJ, Nike NKE, Johnson Control JCI and ExxonMobil XOM.

Cramer said it was "a fabulous portfolio."

The third caller's portfolio had Boeing BA, Caterpillar CAT, Southern Copper PCU, Procter and Gamble PG and Wells Fargo WFC as its core holdings.

Cramer blessed this portfolio as diversified with many of his favorite names present.

The final caller's portfolio included Wells Fargo WFC, McDonald's MCD, Walt Disney DIS, PG&E PCG and Dow Chemical DOW.

Cramer also thought this portfolio was fantastic.

Mad Mail

In this segment, Cramer told a viewer to sell Carnival Corp CCL.

Cramer told the second viewer that he felt Wal-Mart WMT was a strong buy, while he told a third viewer that its time to sell Washington Mutual WM.

Lightning Round

In the Lightning Round, Cramer was bullish on Merck MRK, Schlumberger SLB, Boeing BA and Mastercard MA.