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Pastimes : James Cramer Skeptic Thread

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To: James J. Cramer who wrote (187)	6/20/1998 11:36:00 AM
From: Pancho Villa	of 1254

Dear Mr. Cramer, after reading your piece on who Buffet's latest acquisition is a bull sign for the market, I realized the transaction is a stock based transaction: "Warren Buffett, Berkshire's chairman, decided to end his traditional reluctance to make a major acquisition. After the close of trading Friday, Berkshire announced a deal to purchase General Re, the largest U.S.-based reinsurance company, for $22 billion in stock. Berkshire offered about $284 a share for General Re, a 29% premium above its closing price of 220 3/4 Friday. General Re's stock promptly surged to 275 in after-hours trading." Doesn't this just mean that Mr. Buffett thinks he is getting a bargain price as he is paying with extremely inflated currency. IMO Buffett's move means nothing in terms of where this market may be headed next. What do you think about Berkshire as a short? pancho

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