Click here to read "Cramer: This Market's the Smarter Fool Theory"Editor's Note: This article was originally published on Real Money on Sept. 18. To see the latest commentary as it's published, sign up for a free trial of Real Money. "It is not contradictory to dislike Herbalife's ( HLF) business and like the stock. It is not illegitimate to say that Netflix ( NFLX) is overvalued but it can go higher." And, with that, Jim Cramer has struck at the heart of everything that is wrong (or right, depending on your perspective) with this market. I fully understand where he is coming from; doesn't mean it doesn't make my stomach turn. Many -- but certainly not most -- people, including Jim, understand the risk to that way of thinking: That it's OK as long as you're not the guy left holding the bag. So many of these companies, whether they're Herbalife, Netflix, or Tesla ( TSLA), are likely properly valued at a certain level -- likely much lower than where they're trading today.