"I like the fixed-income much more than the common," Jim Cramer said on CNBC's "Stop Trading!" segment on Friday. "That's where the values are. People try to figure out whether the value's in Exxon ( XOM). The value's in those markets. Once in a lifetime."

This morning, Schlumberger ( SLB) reported earnings. "I think this is much ado about nothing. The stock has returned to levels we haven't seen in three years," Cramer said. "I simply don't believe that call was as negative as people are making it out to be." He called Schlumberger a "high-quality company."

He wasn't as positive on Halliburton ( HAL) after the Schlumberger call, but he said that stock is also cheap. "People are talking about some potential consolidation in this industry, so I don't know why anybody would want to sell HAL here, but I didn't feel great about HAL here" after the Schlumberger call, he said.

Finally, Cramer addressed hedge fund liquidations. "Who am I to say that Steve Cohen doesn't know what he's doing. If he's in cash, am I supposed to say, 'Well, I've got it all figured out'?" he said. "In the short-term, you've got to go with Steve Cohen. In the long-term, you go with Buffett."

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At the time of publication, Cramer had no positions in stocks mentioned.

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