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NEW YORK (TheStreet) -- What if the bubble burst and nobody even noticed? Cramer asked on Mad Money. The S&P 500 and the Dow both hit new highs Monday and Cramer wondered whether the bubble is being destroyed right before our eyes.
Monday was the first day in a long time the beaten-down bubble didn't get stomped on. The S&P jumped 0.97% and the Nasdaq, the home of the "deflated bubble," skyrocketed.
Cramer said not a day goes by where we do not hear about rapidly inflating technology and biotech bubbles. That it all has to end in tears for every stock, just like in 2000.
The only problem? The bubble's been popping for months, Cramer said. The facts just don't fit the bubble story. Sure, there's been some overvaluation in cloud and Internet tech stocks. The difference between the failed companies of the 2000 and today is that those companies went bust because they were not based on earnings or sales.
You may hate momentum tech names like WorkDay (WDAY) or Cornerstone On Demand (CSOD). You may think Salesforce.com (CRM) and Yelp (YELP) are "repulsive blights" compared to Facebook (FB) and Google (GOOGL), both Action Alerts PLUS holdings. But the idea that these stocks are somehow updated versions of the Internet stocks that tanked in 2000 smacks more of fiction than fact.
"I'm not crazy about what they're doing with their rampant spending, but at least they're making money," Cramer said.
During the so-called collapse of the tech sector in 2000, the S&P 500 was riddled with overvalued tech, with five stocks -- Microsoft (MSFT), Oracle (ORCL), Intel (INTC), Cisco (CSCO) and General Electric (GE) -- that accounted for 17% of that index at the time blowing up simultaneously.
In the current market, with the relentless insider selling and surge of companies going public, we've ended up with an oversupply of stocks that are difficult to value, Cramer said. Who knows what to pay for any stock when revenue growth doesn't matter?
The bottom line: Bubble talk right now obfuscates genuine opportunities among good stocks. For the remainder of equities, use any bounce as a chance to exit.
Checking Into Hotel Stocks
Bull markets remain despite the turmoil of late, Cramer said, adding there's a stealth bull market in hotel stocks.
In developed markets like the United States there are very few new hotels going up, at least by historical standards. Travel has been on the rebound of years. Demand is up, supply is down, and higher prices will ensue. That's Economics 101, Cramer said.
Lodging companies use revenue per available room, or RevPAR, to analyze their business. RevPAR looks to be accelerating, and when that happens, hotel stocks go higher.
Starwood received Cramer's top spot. The company manages 1,200 hotels in nearly 100 countries through its various brands. Under the leadership of CEO Frits van Paasschen, a frequent Mad Money guest, Starwood has pioneered the "asset light" business model, recognizing that its true expertise lies in running hotels, not in owning and operating real estate.
The company has about half of its business overseas, and has a track record of transcending international weakness, particularly relevant at a time when emerging markets appear to be struggling. Starwood closed Monday at $79.95 a share, up 3.71% in the past three months.
Cramer hoped to place Marriott, a "truly fabulous operator," next of his top four. However, the downside to being an elite operator is that you don't have much room to improve.
Cramer tapped Hilton for his #2 slot. Hilton is up 4.8% over the last three months even though it is an inferior company to Marriott. With over 4,100 hotels, Hilton is the largest lodging company on Earth. Hilton has the market share, and there's plenty of room for it to improve. That's what Wall Street is seeking.
Marriott is up 20.0% for the year to date, one of many reasons Cramer was not crazy about it. The company has nearly 4,000 properties under management, a ton of cash and a "terrific" buyback program.
Hyatt brings up the rear, in Cramer's mind. It is the smallest of the group and pretty expensive now that it's up almost 17.6% over the last three months.
Tortoise vs. Hare
"We've seen some staggering losses from some recent hottest stars," Cramer said. And so he decided to take a look at McDonald's (MCD) vs. Chipotle Mexican Grill (CMG) in his modern-day retelling of The Tortoise and the Hare.
Until a couple of months ago, Cramer said, Chipotle's turbocharged growth was exactly what this market wanted. By early this March, its stock had climbed to $622. In the last three months, it is down more than 6.5%, closing Monday's trading at $510.
Chipotle is a textbook growth stock, and while that may be the future of food, that is not what's controlling its stock price.
As momentum stocks are falling, McDonald's has been climbing, closing Monday at nearly $103 per share, up 6% year-to-date. That's not about the food, Cramer said. It's about the dividend.
Executive Decision: Mark Bristow
Cramer still believes it is worth having some gold in your portfolio, even if only as a hedge against inflation and globe chaos.
Although he thinks SPDR Gold Trust (GLD) is the best way to play the gold market, there's also Randgold Rosources (GOLD), the most successful player left in an admittedly ailing industry. The company is an Africa-focused gold mining and exploration company.
That's why Cramer spoke to CEO Mark Bristow. On Thursday, Randgold announced that it had produced a record 283.763 ounces of gold in its first quarter for 2014, a 43% increase from the same period last year. The company's exploration plans are underway in Mali, Senegal, the Democratic Republic of Congo, among others.
According to Bristow, 40% to 50% of the industry is producing gold that is not profitable. Cramer wanted to know how long that can last. Consolitdated gold production should reach the range of 1.13-1.20 million ounces in fiscal 2014, Bristow said.
No Huddle Offense
During the "No Huddle Offense," Cramer took a close look at the slew of companies that have come public in 2014 or, as he sees it, the flotsam and jetsam of biotech.
Cramer said these IPOs are simply the function of a process where Wall Street sates the desire of the public with more and more deals of lower quality in "hot" segments.
But last year we saw deals where everyone won, Cramer said. Case in point: Pinnacle Foods (PF), which owns brands such as Duncan Hines, Bird's Eye, Wish-Bone and Hungry-Man. This company went public at $20, and since March 2013 is up 13.2%. In February 2014, the company announced a quarterly cash dividend of 21 cents per share.
On Monday, Hillshire Brands (HSH) announced plans to purchase Pinnacle Foods for around $4.3 billion in a cash-and-stock deal. The Pinnacle Foods deal is the type of whichshareholders dream, providing cash and upside in the transaction. Cramer said it is an example that others should aspire to follow.
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-- Written by Chris Sahl in Boston.