Berkshire Hathaway Chairman and CEO Warren Buffett said he avoids most new stock offerings in general and passed up Uber Technologies Inc.’s initial public offering.

“In 54 years, I don’t think Berkshire has ever bought a new issue,” Buffett told CNBC.

“I’m not saying that what we’re buying is going to work out better, but there have to always be better things than one single issue,” he said.

Buffett said Investors are often buying into an IPO because of the hype involved with them and because they want to catch up with others getting rich and that’s not a sound basis for an investment, CNBC explained.

Uber currently expects to price its IPO on Thursday and begin trading on the New York Stock Exchange the following day, Reuters explained.

The ride-hailing company Uber cautioned in its IPO filing that its business would be “adversely affected” if drivers were classified as employees instead of independent contractors.

The company hopes to be valued at between $80.5 billion and $91.5 billion. Uber has yet to turn a profit. It reported a net loss for the first quarter of 2019.

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