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

Microsoft

(MSFT) - Get 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 Report

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

Bear

(BSC)

and

Goldman

(GS) - Get Report

and

Lehman

(LEH)

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

Textron

(TXT) - Get 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.

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