Cramer's Case For Buying Foreign Stocks

It is important to own an international company that's based outside of the U.S., Cramer said Friday.

"The United States is in the caboose of the global economic love-train," he said. "We're lagging behind everyone."

Even if the US was leading the world, Cramer said he'd still want to have a purely foreign play for the sake of "international diversification." When considering what foreign stock to invest in, he said doesn't necessarily have to be a Chinese, Indian or Brazilian company, even though those countries are where the growth is. A Cramerican could buy a Canadian stock, if they "don't want to stray too far from home." Canada has one of the healthiest economies right now, he noted.

"The country doesn't matter as long as it isn't here," Cramer said. "If you're going to build a portfolio that can work in any market, one that's diversified by strategy, not just sector, a foreign stock is a must."

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