Canadian investors got a first-hand glimpse of what a recommendation from CNBC Mad Money host Jim Cramer can do for a stock on Thursday. Shares of Brookfield Asset Management Inc. (NYSE:BAM) were up roughly 5% at midday trading on markets in both Toronto and New York after Mr. Cramer recommended the stock on his show Wednesday.
He called the company’s chief executive Bruce Flatt “Buffet-esque” and said it could be the next Berkshire Hathaway Inc. He also pointed to Brookfield’s 744% share price gain since 1997, Miriam Metzinger wrote in her daily summary of Mr. Cramer’s comments.
Mr. Cramer suggested that investors trade out of engineering and construction plays like Foster Wheeler Ltd. (FWLT) and McDermott International Inc. (NYSE:MDR) after their recent gains, and take a good look at Brookfield as a long-term investment.
He also noted the company’s infrastructure exposure, international diversity, involvement with clean energy and lack of leverage to oil and gas.