Risk worth the reward in select stocks

During a selloff, Wall Street pros such as Jim Cramer always sift through the declines, weighing risk against reward. And when the scales tip in their favor, they move.

"I have been waiting for (the) moment where I thought the reward was better than the risk for some stocks. And I think that we may have at last arrived there," Cramer said.

The "Mad Money" host cited more than a dozen stocks as buys at current levels, including Darden (DRI), Macy's (M), and Google (GOOG).

Cramer said these three stocks, as well as his other picks, all share certain traits in common. In fact, he also said stocks that don't possess these traits, may still be toxic, and should be avoided. How can you identify strategic buys from potentially dangerous plays?

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Jim Cramer on set of Mad Money

Also, Cramer turned his attention to crude oil, with prices dropping to their lowest level since 2012.

Cramer was particularly focused on recent developments, which can only be described as peculiar, at best.

In a stunning move, despite the already low prices, Saudi Arabia announced that it was cutting prices by about $1 a barrel to Asia, the crucial growth market for the Persian Gulf producers, as well as by 40 cents a barrel to Europe and the United States.

The move makes absolutely no fundamental sense. The Saudis should be cutting supply to try and stabilize prices. But Cramer thinks fundamentals play no part in the Saudis' actions.

Read More Cramer: Are Saudis up to something?

Given that the Saudis' actions as well as other uncontrollable events around the globe threaten to take down stocks at a moment's notice, what's an investor to do?

"I suggest turning to beer," Cramer said, "and not just because a cold one at the end of the day helps wash away the misery of watching your stocks get crushed."

Cramer thinks Molson Coors (TAP) could be a particularly refreshing investment.

Read More Cramer: In this market, you need a beer

Also, Cramer checked in with Dr. Ron Cohen, the founder and CEO of Acorda Therapeutics. "In this increasingly difficult market, I think it's worth circling the wagons around secular growth companies, like the biotechs, because they're not sensitive to swings in the global economy," Cramer said.

And with Acorda Therapeutics (ACOR) buying the privately held Civitas Therapeutics for $525 million, Cramer felt the company deserved a closer look.

"Through the acquisition, Acorda will get a promising inhaled dry powder formulation that helps alleviate some of the symptoms of Parkinson's disease. Not only does this drug address a real unmet medical need, but it's right on the cusp of entering phase 3 trials and it could potentially do $500 million in peak sales. If this drug can get FDA approval then Civitas will look like a total steal. But if it gets bottled up because of weak phase 3 results, it might be a colossal overpay."

Also, Cramer profiled ServiceMax, a private held company, that he says has the potential to generate explosive growth in years to come.

In the Lightning Round, Cramer said he thought Trinity (TRN) was looking at, as much as, another 3 point decline, while at the same time, he added "I think it's oversold." Also Cramer called WhiteWave Foods (WWAV) a great company, but added he'd wait to buy until shares slid down to $33. And he said Berkshire Hathaway (BRK.B) was an easy call. "I'd buy, buy, buy."

ServiceMax is a cloud-based provider of so-called field service management software. "Their platform allows companies to manage workers and equipment out in the field; for example, if your company has a sales force that's on the move, you can use ServiceMax's mobile platform to instantly invoice your customers," Cramer said.

It's just this kind of cutting edge technology that Cramer says investors should monitor closely, as they look for new trends that could be investable over time.

"I'd keep an eye on this one," Cramer said.