Why Jim Cramer Wants You To Pay Up For Best-Of-Breed Stocks — 'Don't Let The Bears Scare You Away'

Prominent market commentator Jim Cramer reportedly said that while picking stocks, the quality of the company and its products are among the most important factors to consider.

"Don't be afraid to pay up for best-of-breed stocks," Cramer said, according to a CNBC report. "They may have higher price-to-earnings multiples than the stocks of lower-quality companies, but they're also much less likely to blow up in your face."

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The market expert also highlighted the importance of maintaining patience with investments. "If you have reason to believe in a business, don't dump its stock just because it's not getting any traction for the moment," Cramer said. "You're not a hedge fund manager for heaven's sake! You don't need your positions to show a gain every quarter or every month or even every day."

Quality: About eight years ago, Apple Inc AAPL stock declined from over $33 to nearly $23 in a short span of time. Recalling the sudden drop in the iPhone maker’s share price, Cramer pointed out that letting stocks' stories play out often pays off in the long run. The expert said he assessed the situation and felt the firm still had the key makings of an excellent stock that includes quality products, customer loyalty, revenue stream and cash position. Indeed, Apple stock has risen over 8 times since the lows witnessed back then and is currently trading close to $188.

"Once you find a company that's best of breed with a story you believe in, don't let the bears scare you away, even if the stock is temporarily broken. Patience is a virtue and giving up on a value stock is a sin," he said according to the report.

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