From Wire Reports
NEW YORK, N.Y. – Legendary investor Warren Buffett and his 88-year old co-pilot Charlie Munger aren’t interested in Facebook.
Facebook kicks off its highly anticipated IPO road show Monday. But, despite the hype, Buffett and Munger won’t be investing in Facebook for Berkshire Hathaway’s portfolio or for their own.
“We never buy into an offering,” Buffett told CNN at Berkshire’s annual meeting in Omaha.
“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.
Leave it to Munger to take it one step further.
“I don’t invest in what I don’t understand. And I don’t want to understand Facebook,” Munger said.
In fact, it’s not only that he doesn’t understand it – it’s that he dislikes the whole idea of it.
“I don’t want people putting all this personal stuff into a permanent record when they are 15 years of age,” Munger added. “I think it’s counterproductive. I just basically don’t like it.”
At the same time, 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,” Buffett said. “But in terms of what they’ll be worth five or 10 years from now, I just don’t know.”
And in case you’re wondering – neither Buffett nor Munger is on Facebook.