A sign of respect towards your fellow slavic or Croatian friend. Usually towards short foreigners that are so fucking awesome, 'Bakarich' is the only way to describe them and acknowledge them properly.
Person: "Hey who's that?"
friend: "Thats Bakarich."
Person: "holy fuck!? so thats why he's so sick..."
friend: "I hear that he had a bowl of Vodka and goat to eat this morning."