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Originally Posted by fjtorres
Time will tell, but the "wise man of Omaha" has been buying newspapers left and right. I don't think many people would dare call Buffet dumb.  |
Since I don't live in Omaha, it wouldn't be too daring.
Reading this, I would conclude that Buffett's interest in newspapers is a little emotional, and also that there is no way he would buy the WaPo:
http://www.businessinsider.com/warre...spapers-2013-3
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A reader’s eyes may glaze over after they take in a couple of paragraphs about Canadian tariffs or political developments in Pakistan . . .
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Does the above give any idea why Buffett didn't buy the Post for Berkshire Hathway?
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Charlie and I believe that papers delivering comprehensive and reliable information to tightly-bound communities . . .
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The WaPo is distributed over an unusually wide area -- I see it in 7-11's that are 100 miles from DC. Doesn't sound tightly-bound to me.
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At appropriate prices – and that means at a very low multiple of current earnings – we will purchase more papers of the type we like.
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Ignoring the punditry in my next link (since I don't agree with it besides greatly hoping it to be wrong), check out the fact of the Washington Post Company having lost money last year from newspaper publishing:
http://www.forbes.com/sites/avaseave...me-profitable/
This means that the Washington Post was sold to Mr. Bezos at an infinite multiple of current earnings. That's not the kind of paper the alleged sage of Omaha, or any other value investor, buys.