(Click for video linked to a searchable transcript of this Mad Money segment)

After taking a Tesla for a test drive, Jim Cramer is a believer. "All I can say is "wow," I want one. It is that terrific. It was the best, most quiet and most powerful ride I ever had."



Whenever he's enthusiastic about a product, Cramer thinks the stock always deserves a look.



"All my investing life I have believed that if you like a product, or a store, or an experience, and the company that creates the product, runs the store or creates the experience is a public company, that's a candidate to be bought for your portfolio," Cramer said.



Seems like an easy decision. Except it's not.



"All my life I have also felt that valuation matters and when I have lost my discipline I have lost money on almost every single stock," Cramer added.



Telsa's valuations are sky-high.



The market cap is nearly 12 billion yet when the company reported earnings earlier in May, it reported first-quarter earnings of $15 million or 12 cents a share and revenue of $500 million.

