International investor Jim Rogers says he won't be investing in Facebook during its much-hyped initial public offering widely expected to take place soon.
The stock will likely be too expensive, says Rogers, co-founder of the Quantum Fund with George Soros.
"That kind of stock I don’t buy. They are usually very, very expensive. A lot of people like to buy expensive stocks like that, but I do not," Rogers tells CNBC.
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Market talk says Facebook will file to go public as early as Wednesday, with the company valued possibly as high as $100 billion, about the same size as McDonald's.
Facebook is picking a good time to go public.
"It’s been demonstrated many, many times before that sellers are usually smarter than the buyers, and they usually know when the best time to sell is, and Facebook is doing it," Rogers says, adding that technology stocks in general are pricey.
"I am interested in technology in some shape or form, but I can’t imagine buying any of them. They are a bit hot these days and they have been for two or three months, so that’s why I am short. I don’t buy high-priced stocks."
Facebook, whose initial public offering would dwarf other offers in the technology sector, including Google, is set to have 1 billion users later in 2012.
Experts say the number is impressive, but even more so is the amount of time users spend on the site.
"Once you're on Facebook, you're on for half an hour or an hour at a time," says CNET editor-at-large, Rafe Needleman. "No other company has that."
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