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Buffett on Facebook and Google: hard to estimate future value

In this May 5 2012 phoWarren Buffett chairman CEO Berkshire Hathaway smiles exhibit floor where Berkshire products are showcased prior

In this May 5, 2012, photo, Warren Buffett, chairman and CEO of Berkshire Hathaway, smiles on the exhibit floor where Berkshire products are showcased, prior to the annual shareholders meeting in Omaha, Neb. Buffett appeared on CNBC Monday morning MAY 7, 2012. (AP Photo/Nati Harnik)

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Updated: June 9, 2012 8:06AM

OMAHA, Neb. — Billionaire Warren Buffett says he avoids buying into businesses like Facebook because it’s too hard to estimate what they might be worth. Buffett said on CNBC on Monday that he doesn’t really have an opinion on Facebook and Google because it’s hard to determine their value and how they will fare in the future.

Over the weekend, Buffett also told Berkshire Hathaway shareholders that initial public offerings are almost always bad investments. He says there is so much hype involved that IPOs won’t be the most-attractive value. AP

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