When Jim Cramer 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 was not because of its high price of 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, who Cramer thought overpaid with 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.
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. And that's what they bring.
Read MoreCramer: I was a moron about Facebook