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This column was originally published on RealMoney on June 21 at 10:34 a.m. EDT. It's being republished as a bonus for readers.

Let's talk cheap. Right now there are so many high-value-added companies, companies that are doing everything right, that you have to wonder why you should have to trade down to lesser companies.

For example, take

Johnson & Johnson

(JNJ) - Get Johnson & Johnson Report

. Here's a company with one of the most established franchises in the business. It has a fantastic medical device business with great margins. That business doesn't have the pressure of the Food and Drug Administration. It is global in nature. Plus it hasn't messed up at all, certainly not enough to deserve a 16 price-to-earnings ratio. Frankly, just writing that it has a 16 P/E is odd; I have never seen it like this.

Or how about


(MSFT) - Get Microsoft Corporation Report

? Sure, it's a dog right now, but can we just remember that one day Vista will ship, and that will be a gigantic cycle? In the meantime, you aren't going to get hurt by a 12% grower with a great balance sheet and a 17 multiple.

Or how about

Morgan Stanley

(MS) - Get Morgan Stanley Report

? It trades for twice its book value, is still a premier franchise and has good earnings power. And don't forget that



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(GS) - Get Goldman Sachs Group Inc. (The) Report




trade at simply absurd multiples, given their consistent businesses.

And how many companies are growing at double digits that sell for 16 times earnings? Look at


(TXT) - Get Textron Inc. Report

, a stock I have been buying for

Action Alerts PLUS. This one's down for no reason at all, just off horribly, and it is probably going to report still one more upside surprise, 11% growth -- and it will be 16 times earnings once again.

I want to kept this cheapness in sight because you simply cannot avoid a market this cheap. The downside has been crushed by this selloff. Things are cheaper than they have been in ages. It just seems so wrong to me.

At the time of publication, Cramer was long Microsoft and Textron.

Jim Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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