The market overlooked the dynamo at the center driving the entertainment giant forward, CEO Bob Iger, Cramer told members of his Action Alerts PLUS investors club in an exclusive video-conference call.
When Iger decided to postpone retirement and buy Fox, he had a grand vision in mind, Cramer noted.
Iger wanted to build an all-new channel to showcase the entertainment giant's content, Disney+, that would be "loved" and "worshipped," while also allowing Disney to "monetize all new intellectual property."
Iger never beat around the bush about his big dream, either.
"He told us again and again there will be an April meeting where he would lay it all out and investors would be thrilled," Cramer recalled.
Iger did exactly that, and then proceeded to deliver on his promises, just as he said he would, Cramer noted.
Disney was trading was $112.20 a share last Dec. 10. Today it is deep into the $140s.
"Yes the stock has rallied a great deal, but the $10 billion box office, the early returns for Disney+, and the theme parks themselves have caused the stock to rocket through to the high $140s," Cramer told AAP club members.
So where did the market go wrong on Disney?
Simply put, it failed to account for Iger and his leadership, which Cramer said he experienced first-hand because he "worked for him, worked with him and ultimately got to know Iger "better than almost anyone on Wall Street."
"If you had read his book, 'The Ride of a Lifetime,' you might have caught some of this rally too, on your own," Cramer told AAP club members.
Catch all the stocks Cramer is watching into the new year in his exclusive Action Alerts PLUS investing call.