Analysts have long said FANG, Cramer's acronym for the stocks of Facebook, Amazon, Netflix and Google, now Alphabet, was near-dead or overvalued, but the "Mad Money" host has balked at the allegations.
Even so, Cramer admitted that analyzing the stocks can be enough to drive people crazy.
"Today's epic 9 percent run in Netflix, after the company reported some preposterously fantastic sign-ups, is the kind of thing that makes you want to tear your hair out, if you have any, if you're trying to value the stock on traditional metrics," he said.
Netflix's stock has soared despite the company's heavy spending on content and its negative free cash flow, which some see as a threat to the streaming giant's earnings.
But Cramer argued that "the simple fact is that the world loves Netflix. We're beginning to believe that it could easily reach 300 million subscribers someday and they'll be willing to pay a heck of a lot more for the service. Why? Because it is such a bargain."
"That's why Netflix is the best-performing stock in 2018 for the S&P 500," Cramer continued. "That's why it has a $145 billion market cap, very close to Disney and more than seven times the size of CBS. That's why Netflix is the most powerful force in the entertainment world today."