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NEW YORK ( TheStreet) -- "Cut your losses as fast as you can, but let the winners run," Jim Cramer told the viewers of his "Mad Money" TV show Thursday, as he reminded them that there is plenty of time to make money in 2011.

Cramer said while fear should always temper greed, investors are in a very forgiving market, where they can afford to wait and not make snap judgements. Patience, he said, will be rewarded.

Case in point, Marathon Oil ( MRO), a stock which Cramer had owned for his charitable trust, Action Alerts PLUS , but sold earlier in the year.

Cramer said after Marathon reported a disappointing quarter, he scaled out of Marathon and into rival Hess ( HES). But today Marathon surged 9% on the news that the company is splitting itself into two, thereby unlocking tremendous value.

Cramer reminded investors that they should never second guess a trade that made a profit but, he noted, in this case he was too quick to count Marathon out and move on.

The same can be said for ITT ( ITT), which also split itself into two earlier this week for big gains. Cramer said he's now scouring the markets for other companies that may also be able to unlock value sooner as opposed to later.

He said that Vale ( VALE) and Bank of America ( BAC), another Action Alerts PLUS name, are two likely candidates.

Low-Cost Nat Gas Producer

In the "Executive Decision" segment, Cramer spoke with Steven Mueller, president and CEO of Southwestern Energy ( SWN), another Action Alerts PLUS name and a stock which Cramer recently recommended after the company was one of the worst performing stocks in the S&P 500 last year.

Mueller said that Southwestern is one of the lowest cost producers of natural gas in the U.S., which means that his company is able to make a lot of money even with natural gas prices at record lows. He said Southwestern is delivering record production, record cash flow and building record reserves, adding the company is just waiting for Wall Street to recognize them.

Ultimately, Mueller said the low price of natural gas is a good thing for the U.S., as it spurs more interest in the fuel. He said that the Obama administration is talking more and more about natural gas, and individual states are also considering gas as a viable long term alternative to coal and nuclear facilities.

Mueller said he's excited about Southwestern's game plan and prospect for the future. He said the company has a strong balance sheet to execute its plans, but he's also not opposed to considering a takeover or merger with another company if it's in the best interest of Southwestern shareholders.

Cramer said he continues to be a believer in Southwestern and thinks the time to pull the trigger, is now.

Fertilizers Breaking to Upside

In the "Off The Charts" segment, Cramer went head to head with colleague John Roque over the charts of the fertilizer stocks, a group that's poised to ramp notably higher.

According to Roque, a chart comparing the relative performance of the WJB Capital Fertilizer Index versus the S&P 500 shows that the fertilizer group has built a lengthy 19-month base, and is now ready to break out to the upside. He noted that money managers will begin piling into this sector now that its beginning to outperform the broader average.

Cramer said he's in total agreement with Roque, noted that there will be a worldwide food shortage for the foreseeable future as a rising global middle class continues its appetite for more expensive food. He said foods like meat and chicken will continue to require more grains, and that means more fertilizers and more farm equipment will be needed.

Cramer's theory was proven correct by the most recent crop reports, which were very bullish and showed a big drop in grain inventory levels. The reports also noted that despite higher prices, demand for grain remains strong.

Cramer said this means multi-year earnings growth for companies like John Deere ( DE), an Action Alerts PLUS stock, along with Potash ( POT), Mosaic ( MOS) and Agrium ( AGU).

Am I Diversified?

Cramer played "Am I Diversified" with callers to see if their portfolios have what it takes. The first caller's portfolio included: Agnico-Eagle Mines ( AEM), Ennis ( EBF), Abbott Labs ( ABT), Annaly Capital ( NLY) and Statoil ( STO).

Cramer said this portfolio had picture perfect diversification.

The second caller's top holdings included American Capital Agency ( AGNC), Natural Resource Partners ( NRP), Chesapeake Midstream Partners ( CHKM), Resource Capital Group ( RSO) and Petrobras ( PBR).

Cramer said this portfolio had too much financial exposure and recommended selling American Capital in favor of a diversified industrial stock.

Lightning Round

Cramer was bullish on Ultra Clean Holdings ( UCTT), Transocean ( RIG) and Kohl's ( KSS).

He was bearish on Garmin ( GRMN) and Wal-Mart ( WMT).

Closing Comments

In his "No Huddle Offense" segment, Cramer opined on Micron ( MU), a memory chip maker that's been chattered about greatly as the company transitions away from traditional DRAM memory into flash memory, which is used in smartphones and tablets.

Cramer said he understands the logic and blesses a trade in Micron, but also cautions investors that they need to stay alert to DRAM demand, and make sure that Microns gains in flash aren't taken away by soft sales for DRAM.

He said the markets are looking for the next Nvidia ( NDVA), and while Micron looks promising, it might not be a fully-baked investing thesis quite yet.

--Written by Scott Rutt in Washington, D.C.

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At the time of publication, Cramer was long Bank of America, Southwestern Energy, Deere.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of 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, 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 is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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