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When Jim Cramer initially created the acronym FANG — which stands for Facebook, Amazon, Netflix and Google — the stock he was most worried about was Facebook. But guess what? FANG is alive and well, especially Facebook.
The reason Cramer was most concerned about Facebook is not because of its high price of being 30 times 2017 earnings; it's because he wanted to be sure that its investment spending was paying off.
Cramer doubted Facebook CEO Mark Zuckerberg, when he perceived Zuckerberg as overpaying for the $19 billion price tag for WhatsApp. Now it has 900 million users. Whoops! Cramer also doubted the $2 billion purchase of Oculus, though it is now clear that Zuckerberg intends to dominate the gaming category with 250 million users and intense growth.
"Call me a moron, but I was simply taking my cue from the headline writers and the bears, never a wise sign," Cramer said.
The "Mad Money" host still hears the bears grumbling about Facebook's spending. But he thinks that is simply because they just don't get it.
Cramer was especially was struck by one headline in The Wall Street Journal: "Facebook Earnings Rise Despite Higher Costs." Wrong! In Cramer's opinion, Facebook's earnings are rising because of higher costs.
Cramer was impressed when Chief Operating Officer Sheryl Sandberg explained on the company's conference call that its strategy is to invest. She believes that in the end the quality today is their revenue tomorrow. She added that quality comes from investing in the best people, best ideas and best companies.
Read more from Mad Money with Jim Cramer
This is exactly why Facebook is now the best way for people to get in touch with one another. A billion people now check their Facebook once a day. And this is how Facebook pulled off a 41 percent increase in revenue, with mobile producing an amazing 78 percent of the company's total advertising revenue.
"With all of these weapons, Facebook is pretty much unstoppable right now and might stay that way for years to come with its investments in Instagram and WhatsApp, which I now believe they stole for $19 billion, given its phenomenal growth rate and green field for advertising," Cramer said.
Facebook is just one part of the unstoppable group of FANG, with Netflix, Amazon and Alphabet all crushing the competition. And what unites them all? They are all companies at the edge of everyone's fingertips. Everyone likes entertainment, and everyone likes a bargain. That's what they are.