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NEW YORK ( TheStreet) -- You can't ignore what's going on in the world, but you also can't be afraid of it, Jim Cramer told "Mad Money" viewers Tuesday as he opined on yet another global-induced market selloff.
Cramer said while some investors panic and sell, sell, sell when they see events like today's weak economic data in Japan, turmoil in Turkey and rising interest rates here at home, the smart ones harness the fear and use it for what it truly is -- a buying opportunity.
Cramer told viewers to stay vigilant and remember how just a year ago the markets were panicking over the collapse in Cyprus. Despite the doom and gloom that was predicted everywhere in the media, Cyprus was not the end of society as we know it and created, in fact, a great time to buy stocks. Cramer said he was ridiculed back then for being bullish in the middle of the crisis, but in the end he was right.Smart investors have a plan for when the markets hit speed bumps like today, and that plan is to buy into stocks like Bristol-MyersSquibb (BMY) and General Mills (GIS), both of which fared well today. The macro data is important, Cramer concluded, but it's also not all that's important. Individual earnings will always matter and the earnings of Bristol-Myers have nothing to do with Turkey or Japan.
Executive Decision: Gregory EbelIn the "Executive Decision" segment, Cramer sat down with Gregory Ebel, president and CEO of Spectra Energy (SE), an oil and natural gas pipeline purveyor that's at the heart of America's energy renaissance. Ebel said that things continue to go well for Spectra and his company is planning to move even more assets to its master limited partnership by the end of this year, allowing for both a bigger distribution from the MLP as well as a larger dividend from their common stock in 2014 and beyond. When asked about the company's much-anticipated pipeline from the Utica shale in Ohio directly into New York City, Ebel said the details have been worked out and Spectra will be paying about $1.2 billion to complete the last 15 miles of pipeline into the city. That may seem like a lot, Ebel admitted, but given that this is the first new pipeline to New York City in over 40 years, he said residents will save over $700 million a year in energy costs thanks to lower prices from increased supply.
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