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In this game you need to be ruthless, so take a look at debt collection, Jim Cramer said Thursday on his "Mad Money" TV show.

There have been plenty of stories about how a rash of new bankruptcy filings hit right before the new bankruptcy laws went into effect, Cramer said, and that's good news for

Portfolio Recovery Associates

(PRAA) - Get Report

.

While the company doesn't actually repossess your car, it's the new face of the repo man in a metaphorical sense, he said. And it likes to buy debt from credit card companies for pennies on the dollar and then collect.

The company also focuses on homeowners because they are likely to stop paying credit card debt before they stop paying their mortgages, he said.

Portfolio Recovery had 29% earnings growth last year, and it has a proprietary computer system that allows it to determine what debt is worth going after and what debt portfolios it should forget about, according to Cramer.

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He told a caller that people falling into debt is a long-term story, so the stock will probably stay a strong play.

He told another caller that while debt collectors will profit from all the new bankruptcies, credit cards won't make money off of the trend. For example, he said,

Capital One Financial

(COF) - Get Report

had an okay quarter but not a blowout. However, he was reluctant to recommend selling the company because it's cheap.

Varian on the Vanguard

"I don't want to sound morbid and I don't want to sound offensive, but here could be a lot of money in curing cancer," Cramer said.

That's why he's bullish on

Varian Medical Systems

(VAR) - Get Report

.

Everyone is focusing on drug treatments, but Cramer likes this radiation play.

Usually, the cure is as harmful as the disease, he said, but Varian has a machine that could change that, the Image-Guided Radiation Therapy (IGRT) system.

He said the company was the best of breed in instruments for treating cancer with its SmartBeam Intensity Modulated Radiation Therapy, or IMRT system, even before it started working on the newer IGRT system.

The company may have as much as 70% of the market in the U.S. and perhaps 60% globally, he said, calling it a dominant player on the rise.

As far as growth is concerned, the new system will cost $2 million a machine, vs. $1 million for the old IMRT system.

And IGRT is accessible through Medicare reimbursement effective the first of this year.

Even though Varian CEO Richard M. Levy is retiring in February, the company's long product cycle should trump any bumps that could be caused by a change in management, said Cramer.

An AMR Armistice

In his weekly go-round with senior

MarketWatch

columnist Herb Greenberg, the two agreed that viewers should stay away from

AMR

(AMR)

.

Greenberg said based on AMR's numbers, it's probably going to lose money and furthermore the company has a lot of debt.

While Cramer likes to "pimp stocks all over the world," Greenberg had some words of caution for investors looking to buy on overseas exchanges.

Most importantly, he said, you should only buy companies that you can easily research, which can be difficult with some overseas companies.

Hear Ye, Hear Ye

Finally, Cramer wrapped up the show with a hearing aid play that is not based in the U.S.

Amplifon

trades on the Milan Stock Exchange, which is where he suggested picking it up since its American depository receipts (ADRs) trade on the pink sheets in the U.S.

It is also a billion-dollar company that has grown mainly through acquisitions, he said.

While this can often indicate that a company's management doesn't think its business has much organic growth left, Cramer said the story is different with Amplifon because it has been acquiring companies that fit in with its core business.

It bought National Hearing Centers in 2003, a hearing aid retailer whose centers are mostly located in Wal-Mart stores, Cramer said, meaning that Amplifon has a relationship with the biggest retailer on earth.

It also bought Miracle-Ear, a premier name in hearing aids, he added.

He warned viewers that the company has a low trading volume, so they need to be careful not to buy too much and bid up the stock.

Lightning Round

Cramer was bullish on:

Sysco

(SYY) - Get Report

,

Cemex

(CX) - Get Report

,

Lexar Media

( LEXR),

Micron Technology

(MU) - Get Report

,

Ultra Petroleum

(UPL)

,

Advance Micro Devices

(AMD) - Get Report

,

Dynegy

(DYN)

,

El Paso

( EP),

Radiant Systems

( RADS),

Click Commerce

( CKCM),

ValueClick

(VCLK)

,

Crystallex

( KRY)and

ConocoPhillips

(COP) - Get Report

.

Cramer was bearish on:

Cisco Systems

(CSCO) - Get Report

,

IBM

(IBM) - Get Report

,

International Game Technology

(IGT) - Get Report

,

Lions Gate Entertainment

(LGF)

,

Alcoa

(AA) - Get Report

,

General Maritime

(GMR)

,

EarthLink

(ELNK)

,

Nektar Therapeutics

(NKTR) - Get Report

,

LSI Logic

(LSI) - Get Report

and

NovaStar Financial

( NFI).

For more of Cramer's insights during the Lightning Round, click here

.

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

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