Why Warren Buffett wouldn’t invest in Apple or Google by Philip Elmer-DeWitt @FortuneMagazine May 6, 2012, 3:00 PM EST E-mail Tweet Facebook Google Plus Linkedin Share icons Buffett with University of Nebraska cheerleaders Saturday. Photo: Lane Hickenbottom/Reuters FORTUNE — Some 18,300 people — more than attended Barack Obama’s massive campaign kickoff Saturday — showed up for Berkshire Hathaway’s brk.a annual shareholder’s meeting in Omaha yesterday. And judging from the New York Times‘ live blog, it was a lot of fun. There were cartoons and comedic skits and celebrity appearances, including Bono, Bill Gates and Debbie (“Buffett Rule“) Bosanek, his now-famous secretary. But what made the headlines Sunday were Warren Buffett’s remarks about Apple AAPL and Google GOOG : “I would not be at all surprised to see them be worth a lot more money 10 years from now but I would not buy either one of them.” “I sure as hell wouldn’t short them either.” “We couldn’t predict what would happen to Apple 10 years ago and we can’t predict what will happen to it 10 years from now.” “The chances of being way wrong in IBM (IBM) are probably less, at least for us, than the chances of being way wrong in Google or Apple.” “I just don’t know how to value them.” That last remark, as Reuters points out, echoes Item No. 5 (out of 6) in Berkshire Hathaway’s Criteria for Acquisition: (5) Simple businesses (if there’s lots of technology, we won’t understand it) Good rule.