In Wednesday's edition of "Am I Diversified," CNBC's Jim Cramer spotted a great stock for investors to own through the market's daily ups and downs.
Cramer also approved of the rest of the portfolio: Honeywell, which he called a "terrific," diversified industrial; Apple, one of his all-time favorites; Netflix; and Raytheon, which he said was a great play on President Donald Trump's Middle East arms-dealership.
"We have defense, we have tech, we have entertainment, we have finance and we have industrial," Cramer said. "That is perfect."
With all the negative Facebook-Cambridge Analytica headlines, Cramer had to remind investors not to let the news reflect badly on all of the FANG stocks.
"While the stock has been bouncing in recent weeks, the pullback was severe enough that I think it's worth reassessing this story to make sure McDonald's is still worth owning in this new, more risky environment," Cramer said.
"The answer? Not only is McDonald's stock getting attractive, I think you're being given a pretty good entry point here."
Cramer has long been a fan of McDonald's CEO Steve Easterbrook, who took on the role in 2015. Since then, Easterbrook has revamped the chain's menu, introduced all-day breakfast and fueled a 60 percent gain in shares of McDonald's.
"But if you want to know where Larry stands on the actual issues, all you need to do is listen to the conference call from FedEx last night," the "Mad Money" host said on Wednesday. "In all of the years I worked with Larry on 'Kudlow & Cramer,' no executive came closer to his views than Fred Smith, the founder, chairman and CEO of FedEx."
Considering FedEx's growing international exposure, Smith, a former Marine and Washington heavyweight, can't afford not to share his outlook on the state of global trade, Cramer said.
Interestingly enough, the CEO distanced himself from Trump's hard-line views on trade on the call.
Few things are more agonizing for Cramer than watching a stock he likes lose its momentum.
"When a fast-growing, high-flying momentum name breaks, it turns into a falling knife that will cut anyone who tries to catch it on the way down," he said. "For most of the last 10 months, that has been the exact story of Ulta Beauty."
Ulta's slowing growth has made its stock a total roller-coaster, unable to make a real bounce. But after the cosmetics company reported a weaker-than-expected quarter last week, the stock surged — a "very bullish sign," Cramer said.
"In fact, it's a classic tell of a bottom, because it signals that your weak-handed fellow shareholders have at last capitulated," he continued.
And when Ulta's management talked about their plans to make growth-boosting investments on the post-earnings conference call, Cramer regained his confidence in the makeup play's prospects.
"All things considered, I think Ulta Beauty is back," he said. "Even after the latest bounce, I recommend buying some because the stock has fallen to levels where it's become too cheap to ignore."
In Cramer's lightning round, he shared his take on some callers' favorite stocks:
Zagg: "The guy I really liked there, the CEO, he stepped down. He retired, and that was one of the problems with the company. And the quarter wasn't that great, either. I should've been more negative when I was asked about it last."
Disclosure: Cramer's charitable trust owns shares of Goldman Sachs, Honeywell, Apple, Raytheon, Facebook, Amazon, Alphabet and Nvidia.