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Buffett & Cramer: Great Minds That Think Alike?

Thursday, 28 Jun 2007 | 1:42 PM ET

On the surface, long-term "sensible" investor Warren Buffett and "Mad Money" trader Jim Cramer appear to have two very different styles and you wouldn't expect much agreement between them. But Stockpickr (a subsidiary of TheStreet.com) president James Altucher did some analysis of Cramer's take on Buffett's stocks and found a lot of common ground. In fact, he says in this Street.com video clip, "They agree more than they disagree .. on a good 90% of (the stocks) they agree."

One key area of disagreement: Johnson & Johnson . Buffett has doubled his stake to almost 50 million shares (just over $3 billion worth at today's price) as the stock falls. Cramer scorches it, mostly because several of its biggest drugs will be losing patent protection over the next four years. Mad Money quote: "Sure, Warren Buffett likes the stock but I think this is one of those times when Buffett is wrong."

Still, even though they may not agree on everything, Cramer said on his program last night that generally it makes sense to piggyback on the picks of big-name investors like Buffett because Wall Street's a fashion show and people like Buffett decide what's going to be hot.

And certainly, when two of Wall Street's most closely-followed names do agree on something .. the rest of us should pay attention.

Questions? Comments? Email me at buffettwatch@cnbc.com

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