Warren Buffet

Warren Buffet, a 80-years old American billionaire, warned investors against sinking their money into replete social networking companies. Chairman and CEO of Berkshire Hathaway Inc, Buffett advised investors to be wary of social media valuations, according to a report from the Bloomberg news service.

"Most of them will be overpriced," Buffet reportedly said, though he didn't specify which companies he was referring to. "It's extremely difficult to value social-networking-site companies. Some will be huge winners, which will make up for the rest."

Warren Buffet expressed an optimistic view of the US economic prospects and said that despite his "enormous respect" for the efforts of Federal Reserve Chairman Ben Bernanke to move the economy forward, more stimulus is not the answer now.

"In the end, I don't think we need more of that," Buffett said in an interview on CNBC television.

Meantime, he believes that with the improvement in the business world a decline in the unemployment rate should also come to the low 7 percent range by the November 2012 elections from 9 percent now.

Mark Zuckerberg and Dustin Moskovitz joined the list of US billionaires who have pledged to give away at least half their fortunes in a philanthropic campaign led by Warren Buffett and Bill Gates. To date a total of 57 billionaires have joined The Giving Pledge, which was launched by Microsoft founder Gates and investor Buffett in June. The campaign announced the new pledges in a statement late on Wednesday.

 As a response to the criticism that America encourages high executive pays while the national economy is weakening Goldman Sachs Group Inc. along with Warren Buffet are launching a $500 million initiative to help boost small business growth in the United States.

The initiative titled "10,000 Small Businesses” includes a $200 million contribution to community colleges, universities and other institutions to give grants to small business owners to further their education.

 In a recent interview to a media edition Warren Buffett, CEO of Berkshire Hathaway Inc., noted that while the economy of the United States in no longer in the "emergency room," a full recovery isn't imminent.

 Forbes published its annual rich Americans ranking that showed the 400 wealthiest people in the US lost $300 billion of net worth in the past year. The list of wealthiest Americans, released on Wednesday, reports that Warren Buffet suffered the most with losses accounting for $10 billion in net worth as shares of his Berkshire Hathaway dropped.

Meantime, the list of the 10 riches Americans remained unchanged as compared with 2008. Microsoft’s Bill Gates still topped the rankings with a fortune of $50 billion, a $7 billion decrease against the previous year.