Jim Cramer's Takeaway From Berkshire Hathaway's Meeting
Warren Buffett's been hogging headlines all weekend.
Berkshire Hathaway released its first-quarter 2019 earnings Saturday, just prior to its marathon shareholders meeting.
While the earnings appeared an explosive surge from the same time last year -- when Berkshire reported a loss of around $1.1 billion -- the numbers were in reality an "extremely misleading" byproduct of recently imposed accounting rules, according to Buffett, who cautioned that operating income was a more accurate indicator of the conglomerate's health.
That operating income rose about 5% year-over-year from around $5.3 billion last year.
"The one takeaway I had is, is that [Warren Buffett is] so rich that he could actually offer Occidental OXY money at 8% and they took it and he could have done more," said Cramer.
"So my takeaway is he can move very fast, but you have to pay a lot for his speed."