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Jim Cramer: Where to Buy on Cataclysmic Days

Don't forget, this company has a substantial European business that has just started to get better. And GameStop is one of only 24 companies in the S&P 500 with no debt, although it is the only one I would not be worried about when it comes to a debt-related recession. Thirty-one million loyal gamers are not walking away from GameStop just when the getting's good.

Next up? How about these incredible media stocks? Take a look at the amount of stock that's been bought in at Viacom (VIA). About 716 million shares were outstanding just before the beginning of the great recession. Now? How about 491 million shares? This company, with fabulous cable brands, just prints money and then it uses the money to buy back stock. It particularly likes to buy on bad days and it seems like the buyback isn't on autopilot. I bet Sumner Redstone's Viacom will be bidding for every share that comes in. Will CBS (CBS), another company owned by Redstone, be any different? I see the share count dropping to 624 billion now from 771 million in 2006 and that's going to continue to shrink if this debt-related artificial calamity occurs.

There must be something in the water at these media companies. Seven years ago, Time Warner (TWX - Get Report) had 1.4 billion shares outstanding. Now it has 950 million. There' a company willing to buy in everything that moves. AOL (AOL - Get Report), once owned, disastrously I might add, by Time Warner, in two years has taken share count to 81 million from 106 million. You should be in there with Jeff Bewkes and Tim Armstrong, as they have faith in their cash generation and are deploying that capital in a smart way.

How about Wyndham Worldwide (WYN - Get Report)? Under Steve Holmes, this hospitality company just seems addicted to doing right by shareholders. Four years ago there were 182 million shares of Wyndham outstanding. Now there are 136 million for this hotel and time-share exchange company. Every time we have had Steve on he, has said the same thing. He's giving back the money to shareholders that the company doesn't need to grow. And that's why this one's such a long-term winner.

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