Debt: One of the Best Reasons to Buy a Stock?

Imagine a world tuned upside down, where bad is good, ugly is beautiful, and debt – the worst black mark against a stock – becomes one of the best reasons to buy. This isn't the world of Bizarro Superman, it's where we are now, says Cramer. And that's why he thinks you should buy Charter Communications.

Now this is no easy call for Cramer. Charter handed him one of his biggest losses ever – he owned the stock in his charitable trust – but he's still saying buy. The reason? Charter can refinance its mountain of debt.

But the Street hates Charter, so investors have a real opportunity to get in cheap. In case you're wondering why Cramer and Wall Street disagree, it's because Jim looks at the bond side, the fixed-income side of things, and not the equity side. And even though Charter's stock is trading well below its highs, it's debt issues are trading at highs not seen in years.

One of Cramer's big rules: The common stock almost always follows the debt – when the bonds a company issues go higher, the common stock will come up in its wake.

But that's not enough. Cramer wouldn't recommend a stock if the business were bad. These days Charter is benefiting from the triple play, the bundled rollout of phone, TV and internet services from cable companies. And while it may be trailing Comcast, Charter is still in a good position to get in on the triple-play action.

Bottom line: Cramer is adding Charter to his list of Bizarro, bad-is-good, bring-on-the-debt stocks.

Questions? Comments? madmoney@cnbc.com