Is the market overvalued? Dangerous? In bubble territory? Those are the words Jim Cramer keeps hearing about the stock market, but he told his Mad Money viewers Wednesday that nothing could be farther from the truth.

The stock market isn't controlled by the president, Cramer reminded viewers, as he took a trip down memory lane to 1999, to remind viewers what an irrational, overvalued market really looked like.

Back then, the largest companies by market cap were Microsoft (MSFT) , General Electric (GE) , Cisco Systems (CSCO) , Walmart (WMT) and Intel (INTC) .

Today, the list of largest companies is quite similar, with Apple (AAPL) , an Action Alerts PLUS holding, Alphabet (GOOGL) , Microsoft, Berkshire Hathaway (BRK.B) and Amazon.com (AMZN) topping the charts.

But what is vastly different between 1999 and today are the relative valuations.

In 1999, Microsoft and Intel traded at 65 and 35 times earnings respectively. Today, Apple trades at just 14 times earnings and has $40 a share in cash. Alphabet trades as 21 times with $86 billion in cash. In fact, only Amazon, at 110 times earnings, is overvalued by traditional metrics, but Amazon has always traded at these lofty levels.

These valuations just don't support the bubble theory, Cramer said, and in fact, signal a presidential discount, not a premium.

Executive Decision: Take-Two Interactive

In his first "Executive Decision" segment, Cramer again sat down with Strauss Zelnick, chairman and CEO of game maker Take-Two Interactive (TTWO) , the stock of which has risen 216% since Zelnick's first appearance on the show.

Zelnick said that "Grand Theft Auto" continues to be a powerhouse property for Take-Two, and the game's latest installment, GTA 5, has sold over 75 million units so far. Take-Two is not just a hit-driven business however, as 36% of the company's revenues stem from their back catalog of titles.

Zelnick said he's "eagerly anticipating" the arrival of the next installment of "Red Dead Redemption," due out later this year.

When asked about diversifying into motion pictures, Zelnick said that while many of Take-Two's properties would make great movies, Take-Two will always be a "game first" company, he said.

Cramer said that shares of Take-Two deserve to trade significantly higher than where they trade today.

More on Take-Two Interactive: Cramer plays power poker at the New York Stock Exchange.

Executive Decision: General Electric

In his second "Executive Decision" segment, Cramer sat down with Jeff Immelt, chairman and CEO of General Electric (GE) , which delivered in-line earnings and weak revenues when it reported on Jan 20. Shares of GE are down 6.7% for the year.

Immelt began by saying that Donald Trump's is the third presidential administration that he's lived through and there's lots to like about Trump's proposals, including infrastructure spending and tax reform.

Immelt said General Electric is everything that Trump is looking for: an American company that exports goods around the globe. GE doesn't need trade deals to be effective, he said, as they have good relationships everywhere they do business.

Immelt responded to analysts criticizing GE's growth by saying that after seeing 1% organic growth in 2016, GE will have between 3% and 5% organic growth in 2017. He also noted that GE returned $30 billion to shareholders last year and is well positioned for 2017.

Immelt pointed out that GE is a completely different company than it was just a few years ago, when financial services accounted for 55% of its revenues. Even in the oil and gas segment, an area Immelt admitted has seen headwinds, he was bullish on the outlook for 2017.

Executive Decision: Allergan

In his third and final "Executive Decision" segment, Cramer spoke with Brent Saunders, chairman and CEO of Allergan (AGN) , which today reported a 14-cents-a-share earnings beat on a 7% rise in revenues, but still trades at just 15 times earnings.

Saunders said that after seeing a lot of changes last year, this year Allergan is focused on execution, and many of the research and development efforts they made in recent years are now paying off with six drugs currently in Phase III testing.

Saunders also said that while Allergan has been strategically buying $15 billion worth of its own stock, they now hope to achieve a balance between buybacks and investing in growth going forward.

When asked about the drugs he's most excited about, Saunders said Allergan has a new way to treat depression that is very exciting, as is his company's treatment for fatty liver disease.

Lightning Round

In the Lightning Round, Cramer was bullish on BlackRock (BLK) , Dave and Busters (PLAY) , Cisco Systems (CSCO) and Panera Bread (PNRA) .

Cramer was bearish on Callaway Golf (ELY) , AU Optronics (AUO) and Pfizer (PFE) .

Read more of what Cramer had to say about the stocks in the Lightning Round.

No-Huddle Offense

In his "No-Huddle Offense" segment, Cramer said it's so hard to sell shares of Walt Disney (DIS) when CEO Bob Iger does such an excellent job explaining all of the reasons why you shouldn't.

Iger had a remarkable calming effect on investors on the company's conference call this quarter, causing a knee-jerk decline to turn into a slight gain by the end of trading. In addition to repurchasing 15 million shares of stock, Iger also managed to set the stage for upcoming movies, theme parks and sports offerings that shareholders simply won't want to miss.

Better still, Iger has made Disney a safe stock to own, turning all of the company's segments into dependable earnings machines.

Meanwhile, back on TheStreet.com: Cramer says Trump is unpredictable, but that's not a good reason to sell. In fact, he's looking at these six companies and asking if they can rally like it's 1999. Check out Cramer's strategies with a free trial subscription to Real Money.

Cramer and the AAP team are telling their investment club members they would sell some Panera (PNRA) , if they could. But they can't. Find out all the details with a free trial subscription to Action Alerts PLUS.

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

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At the time of publication, Cramer's Action Alerts PLUS had positions in GOOGL, AAPL, CSCO, PNRA, GE and AGN.

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