Cramer: The battle of three stock markets controlling your money

Jim Cramer says a vicious battle between the three stock markets on Monday affected investors' money.

The first is the stock market that seems heavy each day, subject to the perspective of investors who think stocks are overvalued, or weak hands that sell based on what move the Federal Reserve will make. The second is the overvalued stocks that no one can live without, like Facebook (FB) or Alphabet (GOOGL).

The third is actual living, breathing companies that are working hard and are not subject to the gloom of the Federal Reserve, like the potential merger between AT&T (NYSE:T) and Time Warner (TWX).

"It's a panoply, an upsetting one at times, but we are stuck with it. Rather than denigrating this market, though, I think today was a lesson in patience," the " Mad Money " host said.

Jeff Bewkes , the CEO of Time Warner, has argued for years that Wall Street undervalued his stock, Cramer said. He traced it back to when Fox tried to buy Time Warner for a bid of $85 per share, and Bewkes refused to negotiate. The patience paid off, as he yielded a bid of $107.50 per share from AT&T.

"In retrospect, Wall Street completely misvalued Time Warner the enterprise. The stock simply did not reflect the company's true worth because the ultimate arbiter is another business swooping in to make an acquisition, not the incredible fickle nature of the stock market," Cramer said.

Facebook, Alphabet and Amazon (AMZN) were in the second group of overvalued stocks. Cramer regards them as "category killers" because they have content that people simply cannot live without. Thus, the stocks live a charmed existence and get purchased on weakness.

The third group of stocks at war are the ones that must suffer through getting valued based on what the Fed says about interest rates. Some stocks in this group are Kimberly-Clark (KMB) and VF Corp (VFC).

Other stocks may be re-valued up on a different day, too. If AT&T hadn't agreed to buy Time Warner, Cramer would have expected T-Mobile (TMUS) to be on the forefront of the news, as it crushed AT&T and Verizon by adding far more subscribers than anyone expected.

"On days like today the market does seem unfair to me," Cramer said. "A fine executive like Jeff Bewkes should not have to wait for years before the value of his company is recognized on Wall Street."

So, while Cramer considered Monday's market a lesson in patience, the only exception to that rule is T-Mobile, he said. No waiting is necessary, as the future is now for it.

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