(Click for video linked to a searchable transcript of this Mad Money segment)
With the S&P 500 hitting another new all-time high this week, some investors are starting to wonder if the market has gotten way ahead of itself.
Skeptics just don't see how the advance can be sustained, especially with stocks such as Twitter and Tesla trading at outrageous multiples.
Some of the more extreme skeptics have even started to compare the current market to the Nasdaq in 2000, when tech stocks were commanding multiples that ultimately proved to be the market's undoing.
Those same naysayers insist that developments in Ukraine combined with a potentially weak jobs report will converge and become the ultimate pin that pops what they see as a massive stock market bubble.
They say run for the exits.
Jim Cramer, however, doesn't see it that way. That's not to say he doesn't think stocks can fall, he does. It's simply that he doesn't think this market is anything like the overheated Nasdaq of the Dotcom Bubble era.
"First, in March 2000 we began to see lots of intraday reversals and some gigantic insider selling," Cramer said. Currently that's not happening. If anything, insiders are buying their own stock. Just this week Jeff Immelt, the chief executive of General Electric, said he spent his whole 2013 cash bonus on GE stock.
Also, Cramer says many of the areas of the stock market remain historically cheap.
"From banks to retail to plain-Jane technology, so many stocks are so cheap that activists are picking on the latter two groups to bring out value," Cramer said.
For example, Barington Capital Group is agitating for Darden to put Olive Garden and Red Lobster into one company and its higher-growth chains, including LongHorn Steakhouse and the Capital Grille, into another. If anything developments should drive gains, not losses.
Also, the market is rich with M&A. Those mergers and acquisitions suggest that companies see value in almost every corner of the S&P 500.
All told, those developments suggest to Cramer that the bull can continue running.
"And another reason why I can't be so negative is that the vast majority of professionals I talk to are, indeed, skeptical," Cramer said. When so many people are negative, Cramer says, it's almost always a sign to be positive.
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Now, that's not to say Cramer isn't concerned about some valuations, he is. "Yes, I think some stocks are frothy," he admitted. And in those cases, Cramer thinks taking profits is warranted.
However, Cramer isn't bearish on stocks largely because "the vast majority are anything but frothy. In some cases they're cheap." And in those cases Cramer thinks a shrewd investor is an investor who buys.
Call Cramer: 1-800-743-CNBC
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