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Where do I come out? I understand both sides. I get that Facebook's spending could be very meaningful. However, I thought the company would have made more money already. I fear that, as good as mobile is for Facebook, like everyone else, it might not be good enough to offset declines in desktop advertising revenue.

In sum, the bears think the company is being short-term profligate. The bulls think that the company is being long-term greedy.

Me? I think ultimately the bulls have more firepower than the bears, and that the stock can go higher. It's just that it has come up so far, so fast, that the pace will now be labored.

In the end, I think there are a ton of stocks out there that are much better than Facebook, and let's just leave it at that.

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, had no positions in the stocks mentioned.

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