"We got more investing wisdom than most people can consume in a lifetime," the "Mad Money" host said about the interview.
Buffett revealed to "Squawk Box" that after Jan. 1 and before Apple's earnings on Jan. 31, Berkshire Hathaway purchased 120 million shares. That put Apple neck and neck with Coca-Cola (NYSE: KO) as its largest position.
Cramer marveled at the simplicity of Buffett's approach when he explained that when he takes his great-grandkids and their friends to Dairy Queen, they all have an iPhone. That prompted him to do homework on the balance sheet, capital allocation, earnings and decide that Apple was a good buy.
"What is amazing about this is that Buffett did what literally anyone can do," Cramer said.
He started with an idea, did the homework and realized it was a great stock.
It was clear to Cramer that Buffett viewed Apple differently from analysts on the conference call each quarter. Those analysts cover high-growth companies like Facebook (NASDAQ: FB) and Alphabet (NASDAQ: GOOGL) and tend to come to the conclusion that perhaps Apple's best days are behind it.
Buffett compared Apple's brand to that of American Express (NYSE: AXP) when it was out of favor a few years ago. This was a refreshing analysis for Cramer.
"It rang so true, and I was thrilled that he recognized the reality that Apple is not an expensive tech stock. It is a cheap consumer product stock. Bravo," Cramer said.
Though iPhone sales account for approximately 70 percent of Apple's revenue, Cramer has often argued that Apple's growing service revenue stream could ultimately diversify the company away from being a maker of devices.
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