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Look up, a powerful long-term story in the sky

(Click for video linked to a searchable transcript of this Mad Money segment)

Sharp market declines are never a reason to celebrate but they're not necessarily a reason to weep either.

Jim Cramer finds that it sometimes takes a nasty selloff to get otherwise coveted stocks at a discount.

That may well be the case for ViaSat.

The "Mad Money" host believes ViaSat is a shrewd way to leverage the in-flight WiFi business, a long-term theme that he thinks could generate profits for quite some time to come.

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However ViaSat stock has been marching sharply higher, gaining 20% in only a month.

Cramer hates chasing a stock that's already rallied sharply. However, if a broad market selloff drives this stock lower, it may come back down to an attractive point of entry.

And Cramer would be very interested in this stock at lower levels.

"The in-flight WiFi business is growing like a weed—it's expected to expand fifteen fold over the next decade, from a $350 million business to a $5 billion business," Cramer said.

And as a provider of in-flight WiFi, ViaSat isn't only capturing that business, it's emerging as a powerhouse with its technology among the best in the industry. "On average it takes 8 seconds to download a webpage using ViaSat," Cramer said. "By comparison rival services take as long as 58 seconds to down the same page."

Of course, in-flight WiFi isn't the only catalyst.

"ViaSat also provides marine and ground mobile satellite services, and they also do some business with government agencies," Cramer added. Those business units could also drive growth.

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All told, Cramer believes ViaSat is an effective way to leverage a powerful long term story.

"I know the stock has a high multiple, selling for 47 times next year's earnings, but I think that's relatively cheap when you consider the company's 46% long-term growth rate," Cramer said.

Cramer clearly sees opportunity. "If a selloff drives shares lower, I'd look to pull the trigger," he said.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

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