Why Jim Cramer Wants You To Go Long On Berkshire Stock
CNBC "Mad Money" host Jim Cramer said on Tuesday he is bullish on Warren Buffett-led Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) and investors should stay long on the stock.
What Happened: Cramer said on CNBC's "Mad Money Lightning Round" that investors can never go wrong buying the shares of the company led by the veteran investor — "the Oracle of Omaha."
Buffett, 91, is currently the chairman and CEO at Berkshire Hathaway and has a net worth of over $106 billion, as per Bloomberg Billionaire Index. In comparison, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s net worth ballooned to $287 billion this week.
Cramer believes Buffett has a great team and a lot of great brands. “You’re never going to go wrong buying the shares of Berkshire Hathaway, even after whatever happens to Mr. Buffett because he’s got a great team,” Cramer said on CNBC.
“Huge cash flow, a lot of great brands, I want you to stay long in that stock.”
Why It Matters: Earlier this year, Buffett ended years of speculation and named Vice Chairman Greg Abel as his successor if he were to step down.
The Omaha, Nebraska-based Berkshire Hathaway managed assets worth $293 billion as of the second quarter. The company has stakes in Coca-Cola Co (NYSE:KO), Apple Inc (NASDAQ:AAPL), American Express (NYSE:AXP), among others.
Price Action: Berkshire Hathaway Inc Class A shares closed 0.34% higher at $437,890 a share on Tuesday and were up 51% in after-hours trading.
Photo: Courtesy of Fortune Live Media via Flickr
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