Alibaba Group Holding Ltd (NYSE:BABA) reported its fiscal year Q4 numbers in early May — and they were once again, spectacular.

But for some reason, Wall Street hasn’t really completely bought in to the BABA story. Oh, the May gains were good, but there still seems to be a feeling that for all the impressive numbers, there is always some dark counter-force just out of sight that will bring the whole thing down.

Honestly, that’s fine by me because it means BABA is trading at a very solid valuation compared to its consistent historic growth and its predicted growth moving forward.

BABA Stock is a Force to Be Reckoned With

Maybe the biggest issue is it’s a Chinese company and U.S. investors are often more interested in supporting a U.S. firm like Amazon.com, Inc. (NASDAQ:AMZN), which is BABA’s alter ego in the West.

But investing isn’t about rooting for companies or being patriotic — it’s about finding the best stocks and investing in them. CEOs are not sentimental, and neither are the markets.

Think about it. How many times have you seen a stock rise when a company has announced massive layoffs? It’s about the stock. And so it is with BABA. This company is like AMZN, but it’s potential is bigger. I know that’s hard to fathom, but it’s true.

Yes, the U.S. is the largest economy in the world (for now) and it’s heavily focused on consumer spending. That means AMZN is one of the leading retailers in the No. 1 consumer-driven economy on the planet.

However, the U.S. has 325 million people, of which only a percentage are the big spenders. China has 1.4 billion people.

But you can’t really stop with China. BABA is making significant inroads to Southeast Asia (which includes Indonesia), and that adds another 593 million people in one of the fastest-growing emerging markets in the world.

Then, of course, there’s India and Pakistan. India is 1.3 billion and Pakistan (where BABA just bought a major e-commerce company) is another 194 million. That’s a market of about 3.5 billion people.

Even if you add Europe to AMZN’s core market, you top out at around 1 billion potential customers.

Granted, customers in these non-Western markets aren’t as wealthy but even if the top 10% of these markets are the core customers, there’s a 3x multiplier effect at play.

What’s more, BABA already has a financial arm — ANT Financial — and its newly launched cloud business posted 101% revenue growth for the quarter, compared to the same quarter last year.

Alibaba also has Chinese state sanctioned lottery business that supports lower income consumers and has made inroads into this business in India as well. Plus, BABA is still growing significantly in China and has years of opportunity for outsized growth at home.

For serious investors, it may be best to save your patriotism for the Fourth of July and pick up some BABA as pragmatic investment.

Louis Navellier is a renowned growth investor. He is the editor of four investing newsletters: Growth Investor, Breakthrough Stocks, Accelerated Profits and Platinum Growth. His most popular service, Growth Investor, has a track record of beating the market 3:1 over the last 14 years. He uses a combination of quantitative and fundamental analysis to identify market-beating stocks. Mr. Navellier has made his proven formula accessible to investors via his free, online stock rating tool, PortfolioGrader.com. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters.