• CNBC's Jim Cramer said Friday he intends to own Costco for the long term.
• The "Mad Money" host cited the wholesale retailer's pricing power as the key reason.
• "They could snap their fingers and become more profitable practically overnight. That makes Costco a member of a very small club," he said.

CNBC's Jim Cramer said Friday he intends to own Costco for the long term because the wholesale retailer has the most valuable quality he looks for in stocks: pricing power.

"Costco has the No. 1 most important quality in a great stock: This is a company with the ability to raise price at will," the "Mad Money" host said.

"They could snap their fingers and become more profitable practically overnight. That makes Costco a member of a very small club," along with the likes of Chipotle, Apple, Netflix and Amazon, Cramer said.

Cramer singled out Netflix and Amazon Prime as his favorites, saying the services could raise prices and most consumers would stick with them. "I think Costco's no different," he said.

Cramer's comments Friday followed reported remarks from Charlie Munger, Berkshire Hathaway's vice chairman and the longtime business partner of Warren Buffett. According to The Australian Financial Review, Munger praised Costco's purchasing power and said he believes its digital presence will grow to the point it potentially rivals Amazon.

Cramer said he "couldn't agree more" with Munger's outlook on Costco's internet business.

Cramer also said Costco demonstrates the importance of maintaining a long-term view. To demonstrate his point, he noted that earlier this week Costco reported its November comparable sales rose 14.1% when Wall Street analysts had expected 15%.

Cramer said he initially thought it was time to trim his charitable trust's position in Costco, but further consideration changed his mind.

"There are periods where even great retailers miss the numbers ever so slightly, and I figured this was just Costco's turn. The toughest thing about owning this stock long term is simply having the fortitude to stick with it."

Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market. Disclosure: Cramer's charitable trust owns shares of Amazon, Costco and Apple.

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