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.