Warren Buffett, the billionaire stock picker and takeover specialist, said investors should be wary of valuations for social networking websites as some of the industry's biggest companies prepare to sell shares.
"Most of them will be overpriced," Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., said today in New Delhi. "It's extremely difficult to value social- networking-site companies," he said, without specifying companies. "Some will be huge winners, which will make up for the rest."
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