Jim Cramer's Mad Money In-Depth Stock Picks, 6/20/07

Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Wednesday June 20. Click on a stock ticker for more analysis:

Piggybacking off Icahn: Vector Group (VGR)

Cramer discussed the fine art of "piggybacking" off of great investors, a strategy that is worthwhile because stocks held by the likes of Carl Icahn and Buffett go higher on good days and rebound faster after bad days. He suggested taking a look at VGR, a cigarette and real estate company. Icahn has a 20% stake in VGR which Cramer likes for its 8% yield and good fundamentals. He doesn't think Altria will pose a problem for VGR, which is in the business of discount cigarettes while Altria focuses on high-end smokes. VGR owns a portion of Douglas Elliman Realty, the leading residential real estate brokerage in New York City. Finally, Cramer thinks VGR's earnings estimates are not high enough and notes there are only two analysts covering the stock.

Looking for Berkshire: Brookfield Asset Management (BAM) with Foster Wheeler (FWLT) and McDermott (MDR)

BAM, which has risen a whopping 744% since 1997 could be the next Berkshire Hathaway, said Cramer who called CEO J. Bruce Flatt "Buffet-esque." BAM has significant infrastructure exposure, and Cramer suggests trading out of Foster Wheeler and McDermott after their substantial increases and considering BAM. Cramer notes the company is also involved in clean energy, is not levered to oil or gas and has international exposure. He would buy the stock for the long term.

CEO Interview: Bruce Williamson, Dynegy (DYN)

Bruce Williamson commented now that Chevron has sold its 97 million shares, DYN investors have more liquidity. He added that Chevron pulled out for "strategic reasons" because DYN had sold its natural gas business. The single "biggest thing" for DYN, he continued, is energy demand, although the company is sufficiently diversified that it is not at the mercy of oil or gas prices. Cramer would be an "aggressive" buyer of DYN.

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