cnbcs jim cramer said tuesday investors need to confront a new formula for identifying winning stocks as long as wall street remains worried about the federal reserve tapping the brakes on the hot us economy we have to get used to shrinking valuations for fast growers especially the ones that trade on a pricetosales basis the mad money host said referring to a valuation metric thats often applied to unprofitable companies sooner or later i think this selloff is going to run its course and im still looking for a santa claus rally that hasnt changed he added but youve got to beware of multiple contraction  in a market that wants rocksolid earnings to apply a pe to not shaky sales to create a pricetosales multiple for cramer pointed to dutch bros to illustrate his point that investors should favor companies with earnings and return some of them to shareholders the oregonbased coffee chain which went public in september is growing fast but its not yet generating a profit that wasnt a concern for many investors earlier in the fall he said evidenced by the fact dutch bros shares got as high as 8140 on nov 1 it closed tuesdays session at 4969 over the past month the stock is down nearly 20 while cramer acknowledged dutch bros may continue on its growth trajectory adding many more stores across the us and reaching sustained profitability he said its simply not top of mind for many investors at present when were worried about a fedmandated slowdown and nobodys willing to pay up for the phantom possible earnings more than a decade down the road well good luck cramer said sign up now for the cnbc investing club to follow jim cramers every move in the market