But Cramer argued that Netflix, as a company, should not be valued in the same way as others. The streaming giant trades on content metrics and subscriber growth, two very specific and difficult-to-calculate pieces of data.

“You see, at a certain point, the prism you’re using is just wrong, and you’ve got to to scramble. You have to adapt. You’ve got to find a new one,” Cramer said. “I don’t mean to pick on Pachter, although I think ‘Pick on Pachter’ would be a great name for a sit-com, but periodically, there are stocks that defy the traditional metrics and you’ve just got to scrap those metrics if you want to understand the stock.”

In his analysis, Pachter writes that an increase in show cancellations and poor execution of expensive originals could pose threats to Netflix’s hefty $6 billion content budget for 2017.

While cancellations could set Netflix back, especially since its budget far outpaces what its competitors plan to spend this year, Cramer said that more content naturally results in more cancellations.

“Given all the original content Netflix puts out, the failures are somewhat inevitable, and if anything, they’ll have to increase. That’s the law of large content,” Cramer said. “Still, the record is darned good, much better than everyone else, and that matters, especially when worldwide numbers are at stake and some content plays extraordinarily well overseas.”

Along with the stocks of Amazon and Tesla, Netflix’s big picture cannot be captured by using traditional methods of valuing stocks, which is where Pachter went wrong, Cramer said.

“Knowing the right metric has always been the key to picking good stocks,” Cramer said. “Wedbush has clearly picked the wrong metric. And sometimes, that’s all that matters.”

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