Did you miss last night's "Mad Money" on CNBC? If so, here are some of Jim Cramer's top takeaways.

There are very few companies with terrific business models that have cheap stocks, Cramer told viewers, and Facebook (FB) - Get Report is one of them.

Cramer said Facebook has perhaps the best business model he's ever seen, one that's beloved by customers, practically addictive, cheap to produce and has no competition.

Producing content is a tough business, but at Facebook, the users provide the content, for free, and advertisers can't get enough.

Yet Facebook trades at just 19 times earnings. If shares traded at just half the company's growth rate, that would put it at $175 a share.

Why isn't Facebook getting a premium valuation? Cramer said it's because some fear that the business model is not sustainable, or costs are too high or they simply don't trust management. But Cramer argued that Facebook's management includes some of the smartest people around and spending for the future is exactly how you create a sustainable model.

So what's the Fed worried about? Cramer is telling his investment club members about the likelihood of the Fed raising short-term interest rates in March. And, Cramer is taking a close look at Magellan Midstream (MMP) - Get Report earnings. You need a free subscription to Action Alerts PLUS.

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To read a full recap of this episode of "Mad Money," click here.

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At the time of publication, Cramer's Action Alerts PLUS had positions in FB and MMP.