Jim Cramer is the host of CNBC’s Fast Money. Before he was hosting the show, he had a successful career as a hedge fund manager, author and co-founded Street.com. His remarks have been taken into consideration by a huge audience. He also hosted a controversial series on CNBC called Mad Money. He was recently invited to CNBC’s show Squawk Box.
The show host Rebecca Quick had an interesting session with Oracle of Omaha Warren Buffet after his Berkshire Hathaway meeting. In session with Cramer, Quick focused on his take on abrasive comments about cryptocurrencies made by Buffet’s right-hand man and business partner Charlie Munger. Cramer responded that he tends to agree with the veteran investors for the short term. However, he thinks that the market trends could change in the long run.
Charlie Munger remarked during his last meeting that criminals use cryptocurrencies for tax evasion, money laundering, kidnapping, and extortion. He was co-chairing the annual meeting of the international conglomerate. Munger also remarked that for him, the success of Bitcoin is off-putting, and putting billions of dollars into a currency like Bitcoin that has popped out of thin air seems a bad idea.
Buffet endorsed these abrasive remarks about cryptocurrency during the meeting. Cramer exclaimed in the interview that Buffet was pointing out in the Q&A session that he is not putting his money to work for the time being. Earlier on, Buffet told Quick in a shareholders meeting session that the conglomerate has pulled out their money from airlines and that they have chosen to refrain from investing more than $1.7 billion in Berkshire shares despite having cash reserves above $137 billion.
Warren Buffet, the 89 years old chairman and CEO of Berkshire Hathaway, told the media that he and the 96 years old vice president Charlie Munger are in good health. He also negated the news about breaking up the Berkshire conglomerate because it would result in a corporate tax buildup for all the sold-out subsidiaries. When asked about his opinion, Cramer remarked that it was a very unsettling annual meeting since no humans were present to attend.
During the Q&A session, Buffet also prompted investors not to follow the advice of others while he was talking about investing in S&P 500 index.