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"We have seen some staggering losses in hot stocks," says Jim Cramer. "In just the last few months, people have lost fortunes in and Amazon, and and "
Considering that in 2000, a similar type of selloff in growth stocks ultimately spread to the broad market, skeptics believe it's just a matter of time before history repeats itself.
They say raise cash and prepare for the worst.
The "Mad Money" host doesn't see it that way.
Although he understands how painful the losses have been, Cramer doesn't believe the selling is a referendum on the appeal of stocks broadly.
Instead, he believes that as growth has fallen out of favor, stocks with yield have come into favor, and he points to the recent price action in Chipotle and McDonald's, which, he says, illustrates the phenomenon quite clearly.
Looking at Chipotle, shares have declined more than 10 percent since March.
Cramer says Chipotle is the classic example of a growth stock, with the company rapidly expanding its footprint and investing profits back into the business. "However, growth at any price has gone out of style on Wall Street."
Over the same period, McDonald's has rallied about 7 percent.
"McDonald's is growing at a snail's pace compared to Chipotle. And results have been mediocre. But it sports a bountiful 3.1 percent yield, unlike Chipotle which has no dividend, and it has a hefty buyback," Cramer said.
Considering the almost seesaw-like price action in these two fast food stocks, Cramer believes that as money leaves high fliers such as Chipotle, it's being put to work in slow and steady yielders such as McDonald's.
And because of that rotation, Cramer does not believe that events of 2000 are destined to repeat themselves.
In fact, rather than expect a broad selloff, Cramer thinks the weakness in momentum stocks could ultimately drive the blue chips to new highs.
"What we're seeing is money leaving stocks that are selling for very high multiples and going into stocks that sell for more reasonable valuations and also generate yield," Cramer said.
And many of those stocks are components of the Dow Jones industrial average, which just hit a brand new high on Monday.
Therefore, it's entirely possible to have a group of stocks sell off while the Dow remains solidly in bull mode.
Read more from Mad Money with Jim Cramer
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"Now, look, I don't want to single out McDonald's and Chipotle here. I'm just trying to show you what's in style on Wall Street and what's out of fashion. And why events of 2000 are not destined to repeat."
Call Cramer: 1-800-743-CNBC
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