When stocks trade on metrics other than earnings per share, investors need to be cautious, Jim Cramer told his Mad Money viewers Monday. That's when the stock market is likely to be overvalued, Cramer continued, and that's the situation we find ourselves in now.

Case in point: Netflix (NFLX) , the streaming movie giant that certainly has earnings, but no one seems to care about them. For Netflix, the only metric that matters is the company's subscriber growth and FOMO, ("fear of missing out"), on all of that subscriber growth. Other companies, like Facebook (FB) and Alphabet (GOOGL) , seem to trade on IPS, or "federal investigations per share," Cramer quipped. Both of these stocks would be a lot higher, he said, without what seems like daily news about investigations be launched into their business practices.

For Johnson & Johnson (JNJ) , the "metric" that matters most to investors are LPS, or the number of opioid-related "lawsuits per share." In the case of Apple (AAPL) , shares trade on the latest tariff news, like today's announcement that the company's new MacPro would be manufactured in the U.S. in return for waivers on other goods.

Tired of playing the obscure metric game? Cramer said investors can opt out by choosing stocks with big dividends, like AT&T (T) . 

Cramer and the AAP team are looking at Cisco Systems (CSCO) and Nvidia (NVDA) . Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts Plus.

Executive Decision: Canopy Growth

For his "Executive Decision" segment, Cramer sat down with Mark Zekulin, the outgoing CEO of Canopy Growth (CGC) , a stock that has returned to the levels where Constellation Brands (STZ) took a stake in the company 13 months ago.

Zekulin said that Canopy is not just about their past, present or future CEO, it's about their 4,000 employees across five continents and about their infrastructure and intellectual property and their culture of delivering excellence.

When asked about the recent vaping-related illnesses and deaths in the U.S., Zekulin said there are still a lot of things we don't know about the mystery illness surrounding vaping. But he noted that the types of processes and controls that bigger companies like Canopy can provide help to ensure quality and accurate dosing for all cannabis products.

One of those cannabis products Zekulin was most excited about was beverages. He said Canopy is the perfect company for getting the dosage, form factor and branding right when it comes to beverages and they also have the ability to make those beverages taste great thanks to their partnership with Constellation Brands. 

Executive Decision: Nutanix

In his second "Executive Decision" segment, Cramer also sat down with Dheeraj Pandey, chairman and CEO of Nutanix (NTNX) , the cloud infrastructure company that's seen its shares fall from $53 to as low as $17 a share as they transition to a subscription-business model.

Pandey said Nutanix is celebrating its 10th anniversary this month and is executing on its second major transition as a company. The first transition from from on-premise servers to servers in the cloud, and now the second transition is moving their business model to subscriptions. Subscriptions are important, he said, because they allow customers to buy the infrastructure they need in a small, bite-size portions they can easily afford and scale.

When asked about that transition, Pandey admitted that the move is messy from an accounting perspective and makes comparisons difficult in the short term. But, he added, 71% of all their business is now using subscriptions and visibility will be improving. 

Bottom-of-the-Barrel IPOs 

The IPO market has become a travesty of a mockery of a sham, Cramer declared to viewers. The investment bankers are reaching for the bottom of the barrel and the markets would be better off without these horrible deals.

Cramer has been warning for months that as the IPO cycle wore on, the quality of the deals coming public would only decline. Monday we learned that the WeWork IPO may be delayed, which would be welcomed news for a company once valued at $47 billion and now is valued at only a fraction of that amount. But WeWork is only one of many bad deals.

Cramer said last year's Uber (UBER) deal was a prime example of the "greater fool" theory, where investors drove valuations into the stratosphere for a company that is nothing more than a glorified cab company that's losing money. Yet investment bankers are lining up to deliver us Saudi Aramco, the oil giant where 50% of their production was wiped out in a single drone strike. And that's to say nothing of younger investors' disdain for fossil fuels in general.

Cramer also listed Peloton and Postmates. Does the market really need another money-losing delivery company, he asked? 

On Real Money, Cramer says it's not just some of the big IPOs that stink. There are small ones that smell, too. Get more of his insights with a free trial subscription to Real Money.

Oil Analysis

For the latest read on oil prices, Cramer checked in with Rusty Braziel, president of RBN Energy, and Cramer's go-to oil and gas analyst.

Braziel explained there are three reasons why oil prices didn't spike after the Saudi attacks. First, he said there is an additional six million barrels a day being produced in the U.S. since the last attacks in 2011. That helps isolate the U.S., in particular, from volatility. Second, the Saudis are doing a better job keeping damage from the attacks under control. And lastly, slowing global demand and increased storage is also smoothing over the supply disruption.

When asked about those extra six million barrels a day in the U.S., Braziel said it all stems from technology and our ability to extract oil from shale where we previously couldn't.

Turning to natural gas, Braziel said the U.S. could export as much as 13 billion cubic feet per day of natural gas in as little as two or three years as our infrastructure increases. The question, he said, is where does all of that gas go and at what price?  

Lightning Round

In the Lightning Round, Cramer was bullish on PayPal (PYPL) , NextEra Energy (NEE) , Exact Sciences (EXAS) , CEL-SCI (CVM) and Fidelity National Services (FIS) .

Cramer was bearish on Sarepta Therapeutics (SRPT) and MFA Financial (MFA) .  

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At the time of publication, Cramer's Action Alerts PLUS had a position in CSCO, NVDA, FB, GOOGL, JNJ, AAPL.