Russo said while he likes the stock he would like Buffett to lay out a better picture of what the company will look like in the future. "Who will be in charge of making the call on acquisitions, including the smaller ones done by the individual companies," says Russo. "I still don't think that is clear."
Gabelli took issue with Buffett's very public backing of President Obama's push to raise taxes on the wealthiest Americans. He thought that was a negative for stock. "Did he make a mistake by getting too political," says Gabelli. "I think so."
But the stock that most of America was buzzing about appeared not to be on the radar of the Buffett faithful. All of the people I asked about Facebook, which on Thursday indicated it could be worth as much as $96 billion after its initial public offering later this month, said they weren't interested in buying the stock. Gabelli, who uses Twitter, says he hasn't even thought about investing in Facebook. Greenwald said the idea that Facebook was a good investment was pure speculation. He said Facebook's business model was not as well established as say Google's, and said that people were overvaluing the fact that the company has nearly 1 billion users. "Air currently has over 7 billion users," says Greenwald. "And it's a lousy investment."