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NEW YORK ( TheStreet) -- It has taken 15 long, hard years for the Nasdaq to get back to its all-time highs set in 2000, Jim Cramer told his Mad Money viewers Monday. But despite the many strides the market has made since then, critics are once again calling the Nasdaq overvalued and in "bubble" territory.

Cramer said it's easy for these pundits to be negative. No one ever got criticized for being too cautious. But while there are always pockets of overvaluation in every market, Cramer said today's markets are nothing like those in 2000.

Back in 2000, Cisco Systems (CSCO - Get Report) , a stock Cramer owns for his charitable trust, Action Alerts PLUS, led the Nasdaq with a valuation of 80 times its earnings. Today, Apple (AAPL - Get Report) , another Action Alerts PLUS holding, leads the markets with a valuation of just 15 times earnings. In 2000, Cisco's customers were evaporating; Apple's are clamoring for the next big thing.

The next largest stock in the Nasdaq is Google (GOOGL) , another Action Alerts PLUS name. Google trades at just 19 times earnings. No bubble there either, Cramer said.

In fact, as you continue down the list to Microsoft (MSFT - Get Report) , Intel (INTC - Get Report) and Oracle (ORCL - Get Report) , none of these stocks are overvalued; in fact, they're undervalued.

Even in biotech, Gilead Sciences (GILD - Get Report) trades at just 10 times earnings, Amgen (AMGN - Get Report) 16 times. Yes, Celgene (CELG - Get Report) trades at 24 times earnings, Cramer said, but in the "out" years -- 2016 and beyond -- that's still pretty cheap given the company's pipeline.

Cramer said some sectors, like cyber security, have indeed gotten ahead of themselves, as CyberArk Software (CYBR - Get Report) proved today -- down 16% on an analyst downgrade. Tesla Motors (TSLA - Get Report) remains overvalued, he said, given the dismal quarter it just posted. But other than those outliers, Cramer said he's surprised the markets aren't trading even higher.

Executive Decision: Andrew Liveris

For his "Executive Decision" segment, Cramer sat down with Andrew Liveris, chairman, president and CEO of Dow Chemical (DOW) , the Action Alerts PLUS holding that last posted a strong 16-cents-a-share earnings beat on steady volume growth that has shares just of their 52-week highs.

Liveris outlined the transformation Dow Chemical has undergone over the past decade. He said 10 years ago, Dow was a one-product petrochemical company. Today Dow is a technology company, with over two-thirds of its products based on proprietary technology. The Dow of today is a consistent earner.

Liveris was very bullish on Dow's partnerships in Saudi Arabia, saying the investments will help boost market share in China, India, Africa and throughout the Middle East.

Turning to the U.S. economy, Liveris supports a balanced approach to exports of oil and gas, as America has the possibility to not only be energy independent but also to have oil and gas prices lower than the world price. This is a situation that could have incredible advantages.

Cramer said Dow has reinvented itself into a cash machine and there's only more to come.

Valeant Is Hot

Cramer never recommends a stock after it pops 15% in a single day. But for Valeant Pharmaceuticals (VRX)  he's making an exception because this company is now the hottest stock in the drug business.

Valeant shot higher after the news it is acquiring Salix Pharmaceuticals (SLXP) for $10 billion. This means Valiant could earn $12 a share in 2015 as opposed to the $10 a share everyone thought the company could earn yesterday.

But even without Salix, Cramer said, Valeant's growth is mesmerizing, having delivered 16% growth instead of the 12% analysts were expecting, and $2.3 billion in sales compared to the estimates of just $2.2 billion. Valeant's growth is strong both here in the U.S. and abroad, he noted.

How high could Valeant's shares go? Cramer said having just crossed $200 today, he thinks shares are ultimately worth $240.

Executive Decision: Tom Jorden 

In his second "Executive Decision" segment, Cramer sat down with Tom Jorden, chairman, president and CEO of Cimarex Energy (XEC - Get Report) , the oil driller that's run $23 a share since oil prices bottomed in mid-January.

Jorden said these are "tough times" for America's oil industry and Cimarex is fortunate to have great assets, a strong balance sheet and an organization that can weather any storm. He said Cimarex has already scaled back operations from 22 to 16 rigs, but the backlog remains strong and he expects production growth for 2015.

When asked about oil prices, Jorden said he doesn't know where oil ultimately settles out, but it's clear that $90 a barrel for oil was too high and $50 a barrel is too low. Somewhere in the middle is where prudent companies with low development costs will be able to flourish.

Cramer said some oil drillers have a solid plan and cash in the bank, and Cimarex is one of those drillers.

Lightning Round

In the Lightning Round, Cramer was bullish on Blackstone Group (BX - Get Report) , Regeneron Pharmaceuticals (REGN - Get Report) , Isis Pharmaceuticals (ISIS) , Enbridge Energy Partners (EEP) , Xcel Energy (XEL - Get Report) , Wells Fargo (WFC - Get Report) and Yahoo! (YHOO) .

Cramer was bearish on Apollo Global Management (APO - Get Report) , BioCryst Pharmaceuticals (BCRX - Get Report) , Kate Spade (KATE) , Arris Group (ARRS) and JPMorgan Chase (JPM - Get Report) .

Executive Decision: John Chisholm

In a third "Executive Decision" segment, Cramer sat down with John Chisholm, chairman, president and CEO of Flotek Industries (FTK - Get Report) , a technology company in the oil business that helps drillers get the most out of their wells.

Chisholm explained that Flotek's "nano fluids" use citrus from orange peels to create fracking fluids that penetrate the pores of hard rocks and help more oil escape. He said with data from over 80,000 wells, it has been proven that a lot of oil will be left in the ground if you don't use nano fluids from Flotek.

So how is Flotek's business affected by the plummeting price of oil? Chisholm said that while lower prices does mean less drilling, Flotek currently only has 10% penetration in the market, so even with less activity there is plenty of opportunity to grow.

Finally, when asked his opinion on oil prices, Chisholm said that he, and others in the industry, believe it will take until the end of summer before oil prices finally find their footing.

Cramer said Flotek is not an oil company, it's a technology company and should be priced as one.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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-- Written by Scott Rutt in Washington, D.C.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, CSCO, DOW, GOOGL, MSFT and WFC.