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Why Cramer thinks it's a mistake to praise Buffett

Lessons from Warren Buffett

Jim Cramer was struck by one thought when he read the best and most insightful letter ever from Warren Buffett this weekend: Why don't we bother with any of the other letters from other CEOs?

"In fact, I can't even remember the last time I found one with any genuine insight or critical reasoning. I certainly can't recall one where mistakes are highlighted in a transparent fashion," the "Mad Money" host said.

It was the open fashion in which Buffett acknowledged his mistakes that Cramer admired. How he articulated a clear story of his $440 million loss in a U.K. supermarket that went wrong, and even acknowledged the financial disaster of Dexter Shoe for $443 million.

These types of losses just aren't normally talked about.

Warren Buffett
Lacy O'Toole | CNBC

Buffett also set a vision for his company and why it would be successful, but he also recognized that the railroad division of his company was not as good as that of Union Pacific. Have you seen a CEO actually recognize the competition as being better?

One could argue that the reason why Buffett can be so open in his annual letter is because there is no one to challenge him. He is the company, and he cannot be challenged by directors or lawyers. Even the shareholders really report to him in the end.

And while this might be true, Cramer couldn't help but wonder if things in the business world could be different if we approached other CEOs the way that Buffett is approached.

Perhaps, if the good CEOs were allowed to stay on longer like Buffett has or if people treated them as if they were their companies the way that Buffett is treated in relation to Berkshire, things could be different?

"Clearly something's gone awry in the business world if we can praise this one man for everything he does, and yet every other chief executive feels shackled into being nothing like him," Cramer said.

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Could Buffett really be that good, or could he be empowered by the positive reception from investors?

Cramer thinks that this isn't just some one-off case that cannot be emulated. Yes, Buffett is extremely smart. But to think of Berkshire Hathaway as a company that cannot be replicated is a mistake. The business field should be using both Buffett and Berkshire as a template of how to be successful.

"I'm talking about a different, wonderful way of running a company and creating wealth for hundreds of thousands of perennially grateful acolytes," Cramer said.

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