Warren Buffett has no plans to buy into the upcoming Facebook IPO , but tells CNBC's Becky Quick he has spoken for a few hours with founder Mark Zuckerberg and thinks he's doing the right thing by maintaining tight control of the company, even after it goes public.
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Mark Zuckerberg
In an on-camera interview after he spent six hours answering shareholder questions at Berkshire Hathaway's annual meeting, Buffett told her:
"He's a very smart guy. He's built an incredible company. I think he'll — he's going to keep control of his company, that's for sure. So he will get to paint the painting he wants to paint. And I've always advised any entrepreneur to try and retain that ability and fortunately I've been able to do it at Berkshire."
Is that kind of control good for shareholders? "It usually is, but it's subject to abuse... But I think if you've got somebody like that to run the place, you really want him to run the place."
Here's the complete interview. Buffett also covers why he doesn't like Super Pacs, what's needed to get the U.S. economy going again, and why he doesn't think Berkshire's buyback plans haven't put a "ceiling" on the stock price.
Keep up with Warren Buffett on CNBC.com and follow alexcrippen on Twitter.
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