Legendary investor and Berkshire Hathaway Chief Executive Officer Warren Buffett will not take part in the rush to buy Facebook shares when its initial public offering launches May 18, but that doesn’t mean he has a negative opinion of the social network.
Appearing on CNBC’s “Squawk Box” Friday morning, Buffett said that what is happening with Facebook is “extraordinary,” adding, “People get excited about companies that have done that well.”
Buffett was asked whether the recent run of Internet-related IPOs reminded him of the tech stock bubble of the late 1990s, and he responded:
It is not a bubble … this is not what we were seeing in late 1999 all the way into 2001. We aren’t in any bubble phase of anything.