I actually agree that prices may be inflated/overhyped but the lack of specificity in Buffett's statement kind of irks me. He doesn't even define what a social network is (Facebook, Zynga, and Groupon are all remarkably different companies and not everyone would consider all of them to be social networks).

He's a brilliant investor but at the end of the day statements made without any indication of real analysis or research should be taken with a grain of salt...even from the Oracle of Omaha.