After you receive this post, we will be buying 50 shares of Morgan Stanley (MS) at roughly $94.92. Following the trade, the Charitable Trust will own 925 shares of Morgan Stanley. This buy will increase Morgan Stanley’s weight in the portfolio from about 2.04% to 2.15%.

Markets are selling off Tuesday afternoon, and uncertainty related to the omicron variant isn’t the only cause of the decline. Stocks moved a big leg lower this morning after Federal Reserve Chairman Jerome Powell warned that inflation could be more persistent than anticipated and suggested the bond-buying taper process could complete a few months sooner than expected.

We are viewing this broader market pullback as a long-term buying opportunity but are keeping things small. It would not surprise us to see the market move another leg lower on the news that the omicron variant is here inside the United States. For this reason, we think it is best to do a little buying here but make sure you have plenty of cash on the sidelines and keep your shopping list ready for another sell-off.

The stock we are buying this afternoon is Morgan Stanley. In our note last Friday, we called out the $93-$94 area as where we would pick up shares of Morgan Stanley next. We view this as an attractive level to pick up shares because it gives investors a dividend yield of about 3%. Even in uncertain times, investors in Morgan Stanley can always count on a healthy amount of capital returns. The bank is currently progressing through a $12 billion share repurchase program, and as mentioned before the dividend yield is now at roughly 3%, or more than double what you would get on the U.S. 10-Year Treasury.

For more information on our broader Morgan Stanley thesis, please see our November 19th note here.

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As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Typically, Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If the trade alert is sent pre-market, Jim waits 5 minutes after the market opens before executing the trade. If the trade alert is issued with less than 45 minutes in the trading day, Jim executes the trade 5 minutes before the market closes. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. See here for the investing disclaimer.

(Jim Cramer's Charitable Trust is long MS.)