Cramer said Ma had the "least flash" of anyone he has interviewed in a long time. He thinks Ma is taking a long-term view of a very profitable company and calls this "a great American story [that's] actually from China."
As for Alibaba's stock, Cramer says people are failing to understand the process, in which a large institution gets a million shares at $68 a share and is willing to pay a very high price to get the second million shares because a position of two million shares is a good average. The people who are coming in now at the opening are not going to get that average.
Cramer warns investors that he starts to think Alibaba is overvalued at $90 compared to other companies in the group. At $100, he thinks it becomes like Twitter (TWTR) in terms of its value. This could be alright for some investors who like Twitter, but Cramer says he wants people to value Alibaba like Facebook (FB) .
Cramer thinks $82 is a fine price for investors. He says the stock could trade up during the day on Friday but says it is not a bargain between $90 and $100, and those who care about valuation will sell it there.