January 4th, 2013 11:52 AM by Eric Fang
He explained onece why he did not like to invest on Facebook.
His investment strategy is "value investing", and sometimes,he called "cigar-butt investment strategy". He likes to accumulatestocks a lot once he found the trading price is way below the intrinsic value, which allows him to have a margin of safety. That's why he normal does not lose money.
But for facebook, according to him, it's so complictaed tocalculate the value. And if he does not understand, then he will not invest.
For the tech stocks, he only invested in IBM. For the tech,he could calculate the value, but it changed too fast, from the past a few years, INTC, HPQ, Internet stocks,can change from "hot players" to "nobody" within a fewmonths. Not like AMX, KO, PG, JNJ, etc will exist and dominate the market for a long time.