Isn't that terrible? That's literally what went through my mind when I heard that
bought 8 million shares of Citi.
In the last few weeks, I have heard so much negativity about Buffett and his stock picking, I am now jaundiced enough to think that it might not even matter, or that it will now seem fuddy-duddy.
There was a time when Citigroup would be up 4 or 5 points right now because of this anointment. Just a few years ago, I was shorting
burgers when the news broke that Buffett was buying it in the mid-40s. I got a headslam right up to the 50 level.
But these days, I think the market will just yawn. And if Berkshire keeps going down, I think further purchases will be regarded as a contrary indicator.
What a rough game.
Be prepared for a lot of valuation upgrades based on price. Many stocks have fallen so hard here that analysts who may have downgraded stocks on declining fundamentals now feel compelled to up them because they are "too cheap."
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at