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NEW YORK (
) -- "Everything Warren Buffett said today on CNBC is wrong," Jim Cramer told the viewers of his
TV show Wednesday.
Cramer said that's the case if one listens to the endless negativity of the media. He noted that while the disconnect between media and Buffett's views on the world may make him look like an idiot, the idiots are the only ones making money.
Buffett said he likes investing in America and feels the economy is resilient. Compare that to the media, which feels America is lumbering along, and China is the place to be, Cramer said.
Buffett also said he's prepared to make a big acquisition, perhaps something in the steel or home-related business. Yet the media constantly tells us everything is overvalued, and not just by a little, by a sizable amount.
Buffett, by all accounts, is pretty optimistic on the economy despite all the media reprots about $100-a-barrel oil and unrest in the Middle East. Buffett said he's happy with his purchase of railroad Burlington Northern, a company the media feels Buffett overpaid for.
Cramer said if we're to listen to the media, Buffett is just dead wrong on all counts. But he feels the Oracle of Omaha may just be onto something.
He said the media, and its failure to recognize anything positive, is wrong and its negativity is only preventing investors from making money. Buffett, he said, can see through the media and is prepared to make a lot of money in 2011.
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