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Cramer: This Netflix analysis reminds me of the age-old definition of insanity

After Wedbush analyst Michael Pachter reiterated his "sell" rating of Netflix on Wednesday, Jim Cramer was glad that he at least acknowledged how wrong he has been on the stock.

"But I'm also dismayed that he's sticking by his methodology, the same methodology that caused him and his acolytes to miss almost 100 [basis] points in a stock that, to me, is as obvious as the purloined letter," the "Mad Money" host said. "He proudly writes: "We have consistently valued stocks under our coverage based upon the discounted present value of their future cash flows.' Goodie. That bit of ideology reminds me of that quote everybody attributes to Albert Einstein about the definition of insanity: doing the same thing over and over again expecting different results."

Pachter has been bearish on the stock of Netflix for about three years, during which time the stock ran from $63.49 to nearly $160.

The analyst justified this using traditional metrics like...