Why Does Warren Buffett Hate Facebook?

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According to the Oracle of Omaha, "Most [social networking websites] will be overpriced and are extremely difficult to value." Buffet noted that "investors should be wary of the valuations as some of the industry's biggest startups prepare for initial share sales" and while he didn't specify any sites in particular, one could take a gander at which one he's talking about. If we know Buffett, he loves a good Groupon deal and can't get enough of Ice T's Twitter feed, so Facebook it must be. But with Goldman Sachs et al pouring money into the site the question is why does Warren Buffett (rightly) think the 'book isn't as hot as everyone say it is?

The working list of reasons we've come up with so far:

* It irks him that you can't have a drunken debaucherous weekend without worrying one of your jackass friends is going to upload pictures for all your coworkers and superiors to see

* It diminishes the value and importance of awkward high school reunions

* He can't stand the people who make a big show about weeding out their friend list, as though the people you defriended even noticed

* Pet as profile pictures

* He's recently become close with the Winklevii

* Circa 3am it's pretty easy to post something as a status that you meant to send as a BBM

* Write-in

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