With shares up more than 40% ytd and a valuation of 131 times 2014 earnings, is the Amazon premium too great – even for Amazon? The stock just made a new all time high!

That's the question on the minds of many investors after Amazon shares surged over 8% on better than expected earnings.

The numbers were good – but were they that good?

Revenue increased 24 percent to $17.09 billion from $13.81 billion a year ago.

Meanwhile, the company's net loss dropped to $41 million, or 9 cents per share, from a loss of $274 million, 60 cents per share, the year-earlier period.

That's right – this sky high valuation is for a company that posted a loss.

"I hear people speak of how horrendous this all ends, and how there has to be a moment where shares tumble precipitously," Cramer mused.

However, if you're looking for a sharp decline now, Cramer says don't hold your breath.

"If you think it's wrong that Amazon is trading where it is – I ask, who made you the judge?"

There is only one judge that matters; Mister Market.

And the market has decided that Amazon should trade at these valuations. Whether you agree or not doesn't really matter.

"This is no short squeeze," Cramer said. "It's the real deal."

That's not to say Amazon may not present more risk than other, more conventional stocks.

If you buy Amazon stock, you should know you're buying a stock with one of the richest valuations in the market, Cramer added. You should know that you're buying a stock where conventional metrics don't always apply.

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However, that won't prevent you from making money. And in the end, "The simple truth is that the goal of investing in the stock market is to make money."

"Nowhere does it say that you must hold each stock to the same set of rules," added Cramer. Amazon plays by its own rules. But when you make the rules, often times you win.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

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