Jim Rogers says 'no thanks' to Facebook

Legendary investor Jim Rogers has said he would not buy Facebook shares because they would be "too expensive".

Rogers told CNBC he would not be tempted to buy into the social media giant at its proposed listing, reported to be on Wednesday.

"No, that kind of stock I do not buy. They are usually very, very expensive. A lot of people like to buy expensive stocks like that, but I do not," he told CNBC on Monday.

Social networking giant Facebook is set to begin the process of becoming a publicly listed company this week, with reported valuations of between $75bn (£48bn) and $100bn dwarfing Google's $1.9bn IPO in 2004.

But the chairman and CEO of Rogers Holdings added the timing of the IPO could be a smart move by Facebook.

"It has 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," he said.

Generally, he sees technology stocks as too expensive, and is short the sector.

"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 is why I am short. I don't buy high-priced stocks," Rogers said.

Rogers also told CNBC he does not expect there to be any casualties from the eurozone crisis this year.

"I do not think we will see anybody leave the eurozone in 2012. There are 40 elections in 2012 and there will be more problems this year. Governments everywhere will do their best to make sure we get through elections," he said.

Rogers reiterated his view the global economic outlook will be much worse in 2013, and deteriorate even further in 2014, but said 2012 will be better.

He is shorting European stocks and is eagerly awaiting progress from European policy makers.

All eyes are on the outcome of the debt swap negotiations now taking place in Greece. Reports have emerged today a private sector deal swapping shorter-dated debt with longer maturity bonds at a loss to creditors is on the brink of being finalised.

"I would love for them to say that, okay, it is a disaster and for banks and shareholders to say they will take big losses. Everything would collapse and I would buy all the euros I could and all the stocks I could, but I do not think that is going to happen," Rogers added.