CNBC’s Jim Cramer on Friday laid out an investment case for five legacy technology companies that he believes could post strong returns in 2022.

The “Mad Money” host said the following stocks fit within his main theme for the year, which is investing in profitable companies that produce tangible goods: Apple, Cisco, IBM, Microsoft and Oracle.

“While most of the money-losing cloud based software stocks are now off limits, there are plenty of tech names that make real things and generate real profits,” Cramer said, contending they can perform well despite the Federal Reserve’s tightening of monetary policy.

“What you want here are boring, mature companies—the kind that are often derisively referred to as ‘old tech,'” Cramer added. “I say out with the new, and in with the old.”

“Even with the stock’s 34% run last year … it’s now pulled back $10 from its highs earlier this week thanks to the tech meltdown. Whenever you get a buying opportunity like this with Apple, you’ve got to take it,” Cramer said.

Cramer said he believes Apple will benefit from pent-up demand that consumers can unleash once supply-chain issues subside. The iPhone maker’s “monster” share repurchase program is even more beneficial against the backdrop of a tightening Fed, Cramer said.

Shares of Cisco have been strong since late November, Cramer said, as investors began to look past the company’s recent earnings reports.

“Those last two quarters weren’t bad because of demand. We’re actually seeing a surge in enterprise tech spending; the problem was the supply chain crisis,” said Cramer, who also touted the computer networking company’s move into software and the recurring revenue streams that accompany it.

“[Cisco CEO Chuck Robbins] says things should start turning in the second half of Cisco’s fiscal year, which starts February. I’m inclined to believe him because he’s a real straight-shooter,” Cramer said.

Cramer said he wouldn’t be surprised if IBM’s stock sells off when the company reports earnings in a couple weeks, but he holds a favorable view over the longer-term.

“I still like IBM for two very simple reasons: it’s incredibly cheap, selling for 12 times earnings, and even after the Kindryl spin-off, they’ve kept their pre-breakup dividend, which means the stock’s got a 4.9% yield,” Cramer said.

He also said he’s on board with CEO Arvind Krishna’s “mission to unlock value at any cost.”

“This one ran up about 51% last year, but thanks to the sell-off in recent weeks, you’re getting a very nice buying opportunity here. The stock’s down 10% from its late November highs. That usually doesn’t’ happen,” Cramer said. “Microsoft is exactly the kind of tangible tech story that should work when the Fed starts hitting the brakes to stop the economy.”

Even after its breakout 2021, Cramer said he still thinks Oracle’s stock is cheap. The enterprise software giant’s most-recent quarter was fantastic, Cramer said. However, the stock has given up the gains it had post-report, due in part to Wall Street’s negative reaction to Oracle’s plans to buy electronic medical records company Cerner.

“This is another one where the recent pullback’s letting you in at an amazing price,” Cramer said.

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Disclosure: Cramer’s charitable trust owns shares of Microsoft, Apple and Cisco.

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