Buffett calls Facebook story 'extraordinary'
The Oracle of Omaha also says the hype does not signal a tech bubble.
Despite the hype, he doesn't think we're in a bubble similar to the dot-com craze of the late 1990s early 2000s. Listen to what he has to say:
And should they ever start charging membership fees, forget about it. Don't need face book LOL! and you can bet an advertisement only revenue site will be built in its place for everyone to run to. The programming is not that difficult and network to support it can be created fairly easily.
Barrier to entry-- Easy entry. (negative)
Profit-- its advertising business right now... I think as far as I've read in on it the other junk about Facebook credit or whatever is silly. (neutral)
Costs-- small (positive)
I personally wouldn't buy it. I think its a fad. If you do want to buy it, my opinion, you better get in on it early before it bellies over.
He is in the insurance business where all households have at least 2 or more policies it has steady stable incomes and profits. Buffet is just watching what he says. LOL!
If FB doubles after the IPO as some sites have been speculating, there is no way I could resist shorting it.
The ad revenues fell from 4th QTR 2011 to 1st QTR 2012.
Compare that to Google.. I don't believe Google has EVER had a QTR with less revenue than the preceding QTR.
And as the cool kids move to smartphones and away from FB, once it becomes common knowledge that FB is just corporatiopns and your mom & her friends it will die faster than My Space did.
Add to that the fact that the CEO has total control and you got a recipe for disaster. Your buying the Whamo IPO during the frisbee-hula hoop craze.
Good luck with that.
Won't invest in it, but doesn't think were in a tech bubble.
Eternal stock market optimist, built on insurance company (other peoples money).
Believes taxing income more, but makes money on cap gains and dividends (taxed less).
We love to follow celebrities, but end up fleeced sheep.
A very smart guy, but what's good for WB isn't necessarily so for the rest of us.
I WOULD LOVE TO OWN A PEICE OF FACEBOOK ,, EVEN A SMALL PART ,, EITHER IT WILL BE SOLD OR BOUGHT ,,,,, I'M JUST A SINGLE MULTIPLE SCLEROSIS MAN WITH THE DREAM OF JUST LIVING ABOVE POVERTY ,,,,, ALL YOU BILLIONAIRS ,,,, WHAT YOU WASTE IN A DAY WOULD CHANGE MY WORLD FOR EVER ,, THINK ABOUT HOW YOU CAN HELP ONE PERSON A DAY ,,
WARREN BUFFETT witch i am a big fan of ,,OR FACEBOOK ,, WOULD NEVER MISS HELPING ONE PERSON A DA Y
I WOULD LOVE TO OWN A PEICE OF FACEBOOK ,, EVEN A SMALL PART ,, EITHER IT WILL BE SOLD OR BOUGHT ,,,,, I'M JUST A SINGLE MULTIPLE SCLEROSIS MAN WITH THE DREAM OF JUST LIVING ABOVE POVERTY ,,,,, ALL YOU BILLIONAIRS ,,,, WHAT YOU WASTE IN A DAY WOULD CHANGE MY WORLD FOR EVER ,, THINK ABOUT HOW YOU CAN HELP ONE PERSON A DAY ,,
WARREN BUFFETT witch i am a big fan of ,,OR FACEBOOK ,, WOULD NEVER MISS HELPING ONE PERSON A DA Y
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