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Jim Cramer: I don't want you worried about a bunch of FAANG names. I want you to worry about one FAANG name. Cause I don't want you to desert it entirely. Which is the first stock I would tell you if you are sharing some Guac or Mezcal with me? Alphabet. We didn't sell any Alphabet in that recent spate of FAANG sales cause at 23 times earnings, perfect balance sheet, brimming with 120 billion in cash. 17.5% growth rate. We couldn't justify it. You know, I was working on the CBS- Viacom, Viacom's such a buy but we can't do anything with obviously. We're restricted on it. But it was working on CBS-Viacom and I was thinking holy cow,. Alphabet could take that football contract if it wanted to. Give it away for free just to get you into Youtube, in the Youtube subscription. I know that CBS feared that last time. Something to watch.

New Speaker: Of the FAANG names, I could argue that Alphabet had the best quarter and is the least controversial. I know that's not enough. For example, Microsoft a non-FAANG name had a terrific quarter. But the thing that keeps me from saying by Microsoft is because it hasn't come down much at all. Oh Man. It's only down, it's down 3.7 cause market's going to get hit some more here today because of the 30 year. But uh, it's a 28 times earnings. It just isn't as cheap as Alphabet. So what does alphabet have going for it that the other's don't. First, it's search business is getting stronger. And it's part of almost all the major ad buys for consumer products because you want the ad to appear right where the product is looked up.

New Speaker: Second, we talk a lot about cord cutting, whether it's Disney or Netflix or any other... you know like Disney, but that's a longer term story. Or any other entertainment property that can pull in subs. To me, the favorite one to have subs is Youtube. Do you know that it has 2 billion monthly users? Do you know that the number of channels with over a million subscribers grew 75% last year alone? Nobody talks about that. Alphabet has been able to clean up most of the safety issues around the product. And it has good shape as another must buy when it comes to advertising on the Internet. Okay, so Alphabet's down 30. it's at 1167. I'd buy that right here. Right here.

Jim Cramer says that because Google parent Alphabet (GOOG - Get Report)  , (GOOGL - Get Report)  is now the cheapest of the FAANG stocks when measured against its growth rate, it's one of his "5 Great Stocks for a Volatile Market."

"I'd buy that right here -- right here," Cramer said during his latest video-conference call with members of his Action Alerts PLUS club for investors.

Cramer, who coined the now-famous acronym "FAANG" to describe some of the market's most popular tech stocks -- Facebook (FB - Get Report) , Amazon (AMZN - Get Report) , Apple (AAPL - Get Report)  , Netflix (NFLX - Get Report) and Google (since renamed Alphabet), noted that GOOGL recently announced the best quarterly results among the group.

He also said it's the least controversial of the FAANGs at a time when critics are taking aim at Facebook for consumer-privacy issues, Apple for its Chinese manufacturing and Amazon for crushing local bricks-and-mortar retail.

Other positives that Cramer sees:

  • The Web's Dominant Search Engine. Alphabet's Google search engine "is getting stronger [and] is part of all major ad buys for consumer products, because you want the ad to appear right where the product is looked up," he said. "It's a must-buy when it comes to advertising on the Internet."
  • YouTube. The company is benefiting from consumer "cord-cutting" of traditional cable-TV services in favor of online video-streaming services. Cramer said that's great news for Alphabet-owned YouTube. "Do you know that [YouTube] has 2 billion monthly user? Do you know that the number of channels with over a million subscribers grew 75% last year alone?" he asked. "Nobody talks about that."
  • A Growing Cloud-Computing Business. The expert said that Google Cloud is also gaining traction thanks to the new leadership from Thomas Kurian, the former president of Oracle (ORCL - Get Report) . While Google Cloud is still well behind market leader Amazon Web Services and Azure from Microsoft (MSFT - Get Report) , Cramer said that business clients are looking for more than one cloud provider.
  • Little Trade-War Risk. GOOGL has "no exposure whatsoever to China, although someone was trying to link them recently -- [but] I mean, please, that's attenuated," he said. "They do have [exposure to] Europe, but Europe was quite good for Alphabet." 

And despite such question marks as long-shot businesses like the Waymo self-driving car unit, Cramer said that "I just care about the basics. Alphabet is now the cheapest FAANG on its growth rate, and that's what matters."

Cramer said that's why his charitable trust didn't sell any of its Alphabet stock during in the recent FAANG selloff. "At 23x earnings, a perfect balance sheet brimming with $120 billion in cash [and a] 17.5% growth rate, we couldn't justify it."

Want to See Jim's 4 Other Picks for Today's Volatile Market?

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