In this article, we will look at how Jim Cramer advises navigating the macro slide and his take on 12 stocks. The host of Mad Money, on Thursday, urged investors to step back and ask themselves a set of practical questions as uncertainty around the Iran conflict continues to hang over the market.

It was a truly hideous session as sellers anticipated a deadline passed and heavy bombing over the weekend. But after the close, the President said that at the request of the Iranians, he said that, he’s going to extend the negotiations another 10 days and said the talks were going well… The armchair generals tell me that the Marines are ready to go… Look, I’m not a military strategist… However, I am your stock tactician, and I can recognise an ugly market when I see it. The question we keep asking ourselves is at what point can we buy things without needing to worry about an Iran-induced oil shock, dragging the whole thing down? Or do we have to keep selling and selling?

READ ALSO Jim Cramer Said to Sit on Your Hands Amid Trump and Iran Confusion While Highlighting 9 Stocks and Buy, Sell, or Hold? Jim Cramer’s Latest 11 Stock Calls

Mentioning companies like Chewy and Lemonade, Cramer noted that both have dropped sharply and might look appealing at current levels, but he said that stepping in now would require careful timing. He explained that unless Iran makes an unexpected move toward de-escalation, the broader market direction is unlikely to shift upward and could still trend lower. Cramer added that thousands of stocks are in a similar position, struggling in a wartime environment but likely to respond well if tensions ease. He emphasized that the market’s bottom is not something investors can dictate.

Here’s the bottom line: All things equal, I’d want, I’d wait on NVIDIA. I don’t want the Chem Seven either, though. Let’s just say you are too early on one and too late on the other. But I’d rather be early than late any day of the week, even this week.

Our Methodology

For this article, we compiled a list of 12 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on March 26. We listed the stocks in the order that Cramer mentioned them.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

How Jim Cramer Advises Navigating the Macro Slide and His Take on 12 Stocks

12. Generac Holdings Inc. (NYSE:GNRC)

Generac Holdings Inc. (NYSE:GNRC) was featured on Mad Money as Jim Cramer shared his take on the stock amid a sliding macro environment. Cramer discussed the stock’s price action and the reasons behind it, as he stated:

Generac stock is more quizzical. Generac, the company that makes backup generators, is going great guns. It’s always had a strong residential business because of the debilitated electric grid and the increasingly erratic weather. Sure, the residential business struggled last year with rates still elevated and a light hurricane season last fall. But after some severe winter storms and with just a little help on rates, well, that could be much better.

It’s Generac’s other business, the commercial business that excites people. Generac is being pursued by many a data center builder and hyperscalers to provide backup power to their sites. CEO Aaron Jagdfeld said something you always want a CEO to say: that the clients are calling him and ordering things, not the other way around. Great businesses are ones where a company’s salespeople are simply taking orders. That’s Generac. But what happens? The stock was actually down 10% at one point yesterday after Generac told the story because they did not announce a long-term contract from a hyperscale at their investor day. Without that, prospective shareholders refused to pull the trigger, although the stock had a nice jump in the afternoon after some analysts pulled it up.

The fact that it was down 50 points from its high with a much better story than when it hit that exalted level meant nothing to this market because maybe the hyperscalers don’t have the money to buy more Generac or maybe Cummins, even Caterpillar, the principal providers of backup power, are doing better, and that’s all the hyperscalers needed. Today, the stock got blasted, falling $7 and change. Yes, the idea that things are okay now, but just you wait, well, that’s what people are thinking. Just you wait. It’s the true story behind these two stocks and hundreds of others. Only the end of the war and lower interest rates will change the macro morass. Right now, neither is in sight, so both stocks go wanting, even though in theory, they make a ton of sense to own right here.

Generac Holdings Inc. (NYSE:GNRC) manufactures and distributes energy technology products, including residential and industrial generators, battery storage systems, smart home solutions, and outdoor power equipment.

11. Paychex, Inc. (NASDAQ:PAYX)

Paychex, Inc. (NASDAQ:PAYX) was featured on Mad Money as Jim Cramer shared his take on the stock amid a sliding macro environment. Cramer highlighted the CEO’s thoughts on the company as he said:

I’m calling it the macro morass. That’s what we’re experiencing right now with so many not-so-hot stocks of very good companies. Case in point, two companies that we heard from during yesterday’s show, Paychex and Generac. Let’s take them one at a time so I can show you how the macro morass affects you and me. John Gibson is the eloquent CEO of Paychex, a no-nonsense representative of a payroll processor that’s been on the show virtually since we went on the air. Told a story of strong growth with a terrific acquisition of Paycor, which has helped them beef up their medium-sized business offerings.

John emphasized that, despite what you might think, business is very strong, with a portion of the economy that is doing very well. Small and medium-sized businesses are Paychex’s bread and butter. They’re also the backbone of the economy, and they’re much less hostage to problems overseas. Well, the people are still hiring, and that’s Paychex’s bread and butter. The stock itself seems quite fetching given its better-than-expected quarter. Paychex sells at a reasonable price to earnings multiple of 17, used to be much higher. Spectacular 4.6% dividend. Sounds great, right?

But let me give you the bear case. The economy’s slowing. You can’t buy a payroll processor in a situation where the economy might end up in a recession. It has a price-to-earnings multiple of 17, but so what? It used to be 30. Why must it stop at 17? How about 15? Its yield is at 4.6, yeah, but can it go to 5? Sure. That’s the macro morass. It takes everything Gibson said and stands it on its head, which makes the stock overvalued even as it’s pulled back from $161 to $93. I think the macro morass is absurd. This should be a great stock to match the great underlying company, but I see no catalyst that can put them together. So I succumb to the zeitgeist myself. I hit the don’t buy button. It’s finished up 23 cents today, [don’t buy, don’t buy].

Paychex, Inc. (NASDAQ:PAYX) provides human capital management solutions, including payroll processing, payroll tax and compliance, HR administration, benefits, and workforce management for small to mid-sized businesses.