It drives CNBC's Jim Cramer crazy when people say that stocks are dangerous and overvalued "at this point in the cycle."
"I put air quotes around that phrase because whenever people say it, I feel like they're trying real hard to put the stock market in the context of some sort of game," the "Mad Money" host said on Tuesday. "It's the ninth inning, it's the fourth quarter or whatever time frame that resonates as well as the obvious meaning, which is something like, 'We haven't had a recession yet, but we're about to, and if that's the case, stocks are way too expensive.'"
What irritates Cramer most is that he sees plenty of bubbles out there, but the stock market is not one of them.
One such example is bitcoin, the wildly popular cryptocurrency used by traders hungry for its rapid-fire gains and by companies to pay off hackers using ransomware.
In the meantime, wealthy citizens in Venezuela, Zimbabwe and Brazil are purchasing bitcoin as a way to get money securely away from the "failing regimes," Cramer said.
"So you have this currency that's been bid up to $8,000 by people anxious to move their money without government scrutiny for whatever reason," Cramer said. "A year ago, one bitcoin was worth $750. You mean to tell me that's not a bubble? You think that's a safe place, a reasonable approximation of value versus the stock market?"
Cramer also called attention to the Leonardo da Vinci painting that sold for over $450 million, breaking all-time art auction records.
The sale was a prime example of too much money being poured into too little product, the "Mad Money" host argued.
"This one was either a ridiculous outlier or the new benchmark of wealth in the world," he said. "Either way, a painting is not something that generates income and this particular painting may be a fake. Isn't that the definition of overvalued?"
Perhaps the most overvalued portion of the market Cramer found was junk bonds, which are low-yield, high-risk, fixed-income investments with credit ratings of BB or lower (by the Standard & Poor's standards).
And then there's the stock market, where Cramer saw only three stocks that truly eschew the boundaries of traditional valuation: Netflix, Amazon and Tesla.
But Cramer said that Netflix's valuation could still be driven higher by the entertainment giant's distribution network and that the market hasn't caught up with Amazon's still-undervalued web services arm.
"Tesla remains a free association situation where anyone can put any value on it," Cramer acknowledged. "But in the last six months, we've gone from having three cult stocks that were impossible to value on the fundamentals to having just one. That's reassuring."
So as certain areas of investment explode in value, Cramer maintained that stocks are one of the few portions of the market where prices actually run true.
"Look, the stock market does not exist in a vacuum," the "Mad Money" host said. "And as long as everything else is totally crazy and bubblicious, stocks are looking good. I don't care where we are 'in the cycle,' I care where we are in the supermarket of investing, and right now, stocks are the only aisle with real and obvious value."
Questions for Cramer? Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine
Questions, comments, suggestions for the "Mad Money" website? firstname.lastname@example.org
PlexCoin Founder Gets Jail Time, Fine on Contempt Charge
U.S. and Canadian authorities appear determined to make an example of a recent initial coin offering.
On Friday, a Canadian court ordered a two-month jail sentence against PlexCoin creator Dominic
'Bitcoin Jesus' is 'really, really concerned' about the future of the digital currency
An early bitcoin investor said Monday the digital currency can run higher, but the hype has far outpaced its usability. "I think in the short run it can run up a lot more," Roger Ver, CEO of
Bitcoin has aspects of a bubble, but it's OK to 'play' with it: Economist Robert Shiller
Bitcoin has "aspects of a bubble" but it's almost impossible to know whether it's gone too far, Nobel-winning economist Robert Shiller told CNBC on Monday. Bitcoin has been on a wild ride
Futures Launch Puts Record Bitcoin Highs Back in Play – Yahoo Finance
Digital currency bitcoin begins trading on major exchange for first time in Chicago WLS-TVBitcoin Futures Started So Hot That Trading Had to Be Halted Twice FortuneBusiness Insider Â âCNNMoney Â â
Understanding Futures: A Primer for Bitcoiners
Lanre Sarumi is the CEO of Level Trading Field, an interactive online platform for professionals in the finance industry.
"Study the past if you would define the future." – Confucius
Bitcoin Price Back Above $17k to Set New All-Time High
The price of bitcoin has pushed back above $17,000, hitting a new all-time high on CoinDesk's Bitcoin Price Index (BPI).
As of press time, the BPI had climbed as high as $17,382.64, beating the $17
People are taking out mortgages to buy bitcoin, says securities regulator
Bitcoin is in the "mania" phase, with some people even borrowing money to get in on the action, securities regulator Joseph Borg told CNBC on Monday. "We've seen mortgages being taken out to buy
Two Firms File Bitcoin ETF Applications in Wake of CBOE Futures Launch
Two exchange-traded fund (ETF) providers have filed with the U.S. Securities and Exchange Commission (SEC) to create Bitcoin ETF products that trade in cryptocurrency derivatives.
According to the