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Seek Protection In This Stock

In chaotic and difficult moments like this, you must seek the protection of stocks with serious dividends, Cramer said Friday.

“Nothing, and I do mean nothing, protects better than a dividend,” he said.

That’s why he likes Waste Management , which has a 4.4 percent yield.

“Here’s a well-run company that’s in stronger shape than people think and is paying you handsomely to wait until the tides shift,” he said. “That’s what I call an opportunity.”

(RELATED: Cramer's Top Dividend Stocks 2011)

The company has boosted its dividend by 81 percent over the last seven years, and Cramer thinks it has room to keep increasing the payout going forward.

But the dividend isn’t the only reason the “Mad Money” host is behind WM. The company owns the nation’s largest network of landfills, which are scarce and time-consuming to build.

The stock is down since Waste Management reported a disappointing quarter and gave downside guidance for 2012 back in July. It was also hit with greater-than-expected pricing pressure, but Cramer believes the company when it says the pricing weakness was temporary.

He suggests buying a small position in Waste Management now, and then buying in wide scales on the way down.

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