Buffett Shuns Facebook Offering
May 7, 2012 12:21 AM EST
"We never buy into an offering," Buffett told CNN at Berkshire's annual meeting in Omaha, Neb.
"The idea that something coming out ... that's being offered with significant commissions, all kinds of publicity, the seller electing the time to sell, is going to be the best single investment that I can make in the world among thousands of choices is mathematically impossible," said Buffett.
"I don't invest in what I don't understand. And I don't want to understand Facebook," Munger said. "I don't want people putting all this personal stuff into a permanent record when they are 15 years of age. I think it's counterproductive. I just basically don't like it."
Still, Buffett wouldn't bet against Facebook -- or other leading techs. "I would not short Facebook, I would not short Google, I would not short Apple -- they're fantastic companies. But in terms of what they'll be worth five or ten years from now, I just don't know."
To contact the editor, e-mail:
Most Popular Slideshows
- Kristen Stewart Moving On With Nicholas Hoult, Jennifer Lawrence Dating Chris Martin – Reports [PHOTOS]
- Kate Middleton Suffocated in Kensington Palace, Queen Elizabeth Reported War With The Duchess [PHOTOS]
- Chris Martin Dating Reports: Jennifer Lawrence Vs Gwyneth Paltrow [PHOTOS]
- 9/11 Dust Cloud Most Likely Have Created Pregnancy Issues: Celebrities Who Posed Nude During Pregnancy
Join the Conversation
- Apple Inc. Stock Surge Observed as Hedge Funds 'Feasted' Ahead of iPhone 6 Launch
- Small Businesses Claim Positive Financial Situation but Negative on Outlook
- Perfume Maker Elizabeth Arden Blames Poor Q4 Financial Results on Justin Bieber Scent
- Companies Push Back IPO Plans Due to Mega Alibaba Share Launch
- Saudi Arabia: Brothers Beheaded For Smuggling Marijuana Into The Kingdom
- ISIS: More Journalists Beheading To Come After James Foley and Steven Sotloff [Video]
- Moto X+1 is Likely Nexus 6 Template; Motorola Shamu is 1st Android Silver with Snapdragon 810 – Reports
- James Foley’s Executioner Has British Accent—A Chilling Reminder That ISIS Has Foreign Members
- ISIS Posts Graphic Beheading Video of US Journalist James Foley
- iPhone 6 Release Date Remains On Course for Sept-Oct 2014 as Apple Delays iWatch Debut to 2015
- Nexus 6 Release Date Dilemma with Motorola Shamu Details Pointing to Better Smartphone and Killer Features