Buffett: Agnostic on Facebook
Famed Investor and wealthiest American Warren Buffett is not buying into Facebook (NASDAQ: FB) anytime soon, but that does not mean he does not agree with its impressive story.
"I tend to be an agnostic on companies like Facebook," the Oracle of Omaha told Becky Quick in a live interview on CNBC's Squawk Box. "I certainly believe it is an impressive story. I just don't know whether it will be equally impressive ten years down the line," he says, pointing out that it is in the valuation of the company where he would have problems in the present.
"Take Coca Cola (NYSE: KO), for example." Buffett points to an example with a straight-cut valuation. "I know Coca Cola will be greater and more profitable ten years from now. Not a whole order of magnitude greater, but more than today," he says.
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