Kraft's a Keeper - TheStreet

You want an antidote to the craziness of tech? You want something that can make the numbers and make the numbers and then make the numbers again? You want Kraft (KFT) .

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In the olden days of the '80s, some of my favorite stocks to own were

General Foods

(always known as "Foods," so as not to be confused with "Mills" ) and Kraft. I liked them because, other than some milk and grain hedging and a little bit of worry about the price of cardboard, I could sleep at night as a broker if I recommended them.

During the late '90s we stopped thinking about sleeping well and started thinking about retiring on tech stocks (and those who sold probably did!). But now we are back in the middle of an '80s market again, where you want to own companies that are growing and cutting expenses at a regular rate. You want companies that have little "earnings risk," that sell at reasonable levels.

When the price talk on Kraft was $27 to $28, I knew that not only would we have a solid stock, we would actually make money on the IPO. It is getting tougher at these newer, elevated prices. But it will still work because business is solid and it still represents a price break to

General Mills

(GIS) - Get Report

, which I regard as expensive here with much more earnings and integration risk.

This one's a keeper.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to

jjcletters@thestreet.com.