Yahoo! ( YHOO) investors may be feeling a little outrage these days, with the stock at $12.46, revenue below expectations, profit down about $100 million in the third quarter from the year before and CEO Jerry Yang cutting jobs and other costs as part of an effort to "unlock shareholder value."

That's all you got, Jerry?

What was that offer from Microsoft ( MSFT) a few months back, $31 a share? Sounds pretty good about now. That's about $18 a share worth of value right there.

With Yahoo! shares off 48% so far this year, Yang is running out of time to prove there's value left to unlock.

Nobody ever made a dime by panicking, says Jim Cramer. Moneymaking opportunities exist despite the market turmoil. So where's a market master like Cramer putting his money these days? Check out his personal portfolio at Action Alerts PLUS. Take a free trial now.