Facebook IPO road show today but Buffett is not buying
07 May 2012
Facebook kicks off its highly anticipated IPO road show today, but two men who wont be buying into the social network are Warren Buffett and his 88-year old co-pilot Charlie Munger.
The hype has not made Buffett and Munger interested in 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.
But Munger goes a step further, "I don't invest in what I don't understand. And I don't want to understand Facebook."
But it is not that he does not understand it, he does not like the whole idea of it.
