Cramer: The FANG is back, baby!

Even in a bear market like this one, Jim Cramer wants investors to be thinking about how to assemble a portfolio that will bounce back quickly when the smoke clears.

That is why he continued his weekly series of fantasy football stocks, because drafting a great fantasy team is a lot like picking terrific stocks. If investors even gave the same amount of energy to stocks as they do towards fantasy football, they will be a much better investor.

Cramer started by picking receivers, both tight ends and wide receivers. Those are the positions that can put tons of points on the board. So that means in stock market terms, the stocks must be high quality momentum names with super-charged growth rates to bring tremendous potential upside to a portfolio.

That means the members of Cramer's FANG group are back, baby. FANG is his acronym for Facebook, Amazon, Netflix and Google. After the selloff the market had this quarter, many of these names were hit hard.

"They can now be bought at significant discounts to where they were trading just a few weeks ago, although there's no guarantee they're done going down," the "Mad Money" host said.

Desperate shareholders dumped these stocks fast during the selloff, but at a certain point, Cramer said these growth stocks will become so attractive that investors will want to buy them back gradually.

However, Cramer warned that these are exactly the kind of stocks that a troubled hedge fund will sell in order to raise money. That could translate to many more opportunities ahead to buy them at lower prices.

Read more from Mad Money with Jim Cramer

Cramer Remix: This could push oil even higher
Cramer: Why Exxon is ready to bounce
Cramer: We are getting closer to a bottom

Cramer considers Netflix to be the most speculative of the group because of its high valuation, even though that has not stopped the stock from going higher in the past. Even after the recent selloff, Netflix is still up more than 100 percent for the year, which makes it the riskiest name in FANG.

So if Cramer were to select the stock equivalents of his top wide receivers such as Julio Jones, A.J. Green and rookie Amari Cooper, along with tight end Jimmy Graham—he's going with FANG. Facebook is the most defensive, and Netflix is most risky.

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine

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