Cramer Thrilled As Warren Buffett Syncs With His New Bank Stock Pick: 'Told You That's One Well Run Outfit'

Warren Buffett-run Berkshire Hathaway's 13F filed with the SEC late Monday showed that the firm opened a fresh position in bank holding company Capital One Financial Corp. COF.

What Happened: CNBC Mad Money host Jim Cramer got excited about Buffett's new bet. He was all praise of Capital One's CEO Richard Fairbank.

"Fairbank from COF is an amazing manager and deserving of Buffett's adulation, if not his dollars!" the stock picker tweeted.

"I told you that’s one well-run outfit… Now Buffett agrees!" he added. Although he claimed the bragging rights, his comments on Capital One in early January weren't exactly positive.

 "It will get through this, but it's always been a tough stock to own going into a slowdown," he said of the McLean, Virginia-based bank.

Berkshire picked up 9.92 million shares of Capital One, valued at $954 million, in the first quarter.

See Also: Best Financial Services Stocks Right Now

Why It's Important: The banking industry is going through a crisis of confidence as regional banks, which bet heavily on long-dated Treasuries are caught short due to the Fed's aggressive rate hikes.

With worried investors fleeing the regional banks in drove amid the uncertainty, the latter is facing sharp deposit erosion.

Incidentally, in mid-March when the banking crisis started, Cramer tweeted that First Republic is a "very good bank." After months of attempts to stay afloat, the bank folded up in early May.

Cramer is notorious for his inverse investment psychology due to his recommendations often going the other way.

Following Cramer's tweet on Capital One, Twitterati had some hilarious comments.

"If there's one man that can ruin the Buffett streak, it's Jimmy boy!" said a Twitter user. Another commented that "Buffett is going to regret it now for the first time."

In premarket trading on Tuesday, Capital One stock rose 6.04% to $94.50, according to Benzinga Pro data.

Read Next: Cramer Thinks JPMorgan May Be On The Moon But First Republic Shareholders ‘Ain’t Got Nothing’ To Celebrate

This image was generated using AI on MidJourney