The best course of action in this volatile market is not to leave it, but to sit tight and wait for things to get better, Cramer said Friday. That's why he has been suggesting that homegamers find stocks that pay them to wait until the market gets better.
"Dividends are your best protection against a treacherous market and a slowing global economy," he said.
And ConocoPhillips is the "Mad Money" host's ultimate paid-to-wait name. The oil company, with its juicy 4.1 percent yield, is embarking on a massive restructuring that will ultimately result in a different company with a lot less debt, a lot more exposure to finding and producing oil rather than refining it, and a much bigger dividend.
(RELATED: This High-Yielder Pays You To Wait)
COP has two plans in the works. The first has Conoco selling billions of dollars worth of assets, as well as buying back $21 billion worth of stock. The second plan, announced in July, is to split the company in two.
Cramer thinks the split will unlock a lot of value for shareholders.
"Conoco's paying you to wait, not just for the economy to rebound, but for its turnaround to bear real fruit," he said. "And as the company executes on its plans, it will be able to pay you even more by boosting the dividend."
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