Did you miss "Mad Money" on CNBC? If so, here are some of Jim Cramer's top takeaways.

In an "Executive Decision" segment, Cramer spoke with David Farr, chairman and CEO of Emerson Electric (EMR) , a company Cramer said has put more money in shareholders' pockets than any other he's seen.

Farr said Emerson's automation business continues to be their strongest, and the company is benefiting from both tax reform and regulation reform. After years of underinvesting, Farr said, American manufacturing is now poised to begin reinvesting.

When asked about tariffs, Farr said they're just part of the Trump package and Emerson "will work through it." He was encouraged by the appointment of Larry Kudlow as economic adviser, saying that Kudlow is a great addition to the economic team at the White House.

Turning to the issue of China, Farr said that China has been taking advantage of the U.S. for years and now that they're no longer an emerging country, it's time to start treating them like a global competitor. Farr said when they sell products into China, they pay a 10% to 20% tariff on their goods. When China imports into the U.S.? Zero tariffs. That needs to change.

Finally, when asked whether he'd be interested in buying assets from the beleaguered General Electric (GE) , Farr said that GE has great assets and he would love to do more acquisitions.

Cramer and the AAP team say selloffs like Monday's are why they always like to keep a healthy amount of cash on hand. But this kind of volatility can be devastating to those who aren't prepared. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

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