Cramer: Needle-in-a-haystack growth plays in the Fed's low-growth environment

Investors can approach the Federal Reserve's decision not to raise rates in two ways: jump up and down with glee and start talking about December rate hikes, or go on with life and buy stocks that show growth. Jim Cramer is taking the second approach.

"How come I'm not upset about the Fed's decision to do nothing? Because, like Janet Yellen, I see little inflation and low growth on the horizon, which means raising rates would be a really dumb idea," the "Mad Money" host said.

The Fed impressed Cramer, as it proved it was not on autopilot, raising rate because it said it might do so. Yellen's commentary was also in sync with what Cramer heard from several CEOs who are trying to figure out how August turned out to be a weak month.

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The US Capitol building

After all, it is tough to raise rates when things just turned downward, and no one knows why. Only ideologues want action now, Cramer said.

"Unlike the constant gripers, I salute them," Cramer said.

The Fed's decision traced out a long-term vision for meager growth. Thus, Cramer hunted for companies with above-average growth, with stocks that do not adequately reflect the strength of their numbers.

This might seem like finding a needle in a haystack, but Cramer was up to the challenge.

"You follow enough companies, you feel around the haystack, and you discover it's filled with needles," Cramer said.

He spotted KB Home, Adobe and FedEx. All three are in different industries and have prospered in a slow-growth environment. They were all "gettable."

KB Home has done well because it owns land in the growth state of Canada. FedEx benefits as the delivery service for the internet, and Adobe has products in the heart of the fast-growing cloud computing and internet of things segments.

"Take your pick. Believe me, it's a lot more lucrative than moaning and groaning about the Fed," Cramer said.

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