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Lightning Round: How to invest with Warren Buffett

It's that time again! Jim Cramer rang the lightning round bell, which means he gave his take on caller favorite stocks at rapid speed:

Berkshire Hathaway: "What we are going to do is we are not going to think short-term about Berkshire Hathaway. Warren Buffett has got a great mosaic of business' and we like the stock. Is it going to go up tomorrow? No. That's not our point when we invest with Warren Buffett. Let's think years. Not quarters, not months."

Spirit Airlines: "That was a tough one. Remember that last time when Ben Baldanza [CEO] was on, the stock was down 50 straight points. And yet here I am still telling you to be in Delta. And if not Delta, then SouthWest Air. They have better growth prospects."

Energy Transfer Partners: "My charitable trust had to cut back on Energy Transfer, and here's why: They raised distribution which is what made me encouraged enough to tell you to buy the stock. And then they didn't cover their distribution when they announced their quarter! And that is not what you do. Still own some for the trust, but it was very disappointing."

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Landstar System: "No, we are going to stay away from the truckers. This is part of the transport complex that I don't like."

Synchrony Financial: "Synchrony is under-owned and I think will be good. By the way, I'm giving you a two-fer — GE is not stopping at $30. It's one of the better acting stocks in this market and once we get the Fed to raise maybe the rolling bear market will end, but not yet."

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