Warren Buffett Q&A from 11/26/13 H/T Variant Perceptions
Q: How are you feeling about the newspaper business these days?
A: We bought four good-sized newspapers this year, in Tulsa, Atlantic City, Greensboro and Roanoke — so we have 28 or 29 dailies. Our papers are doing OK. They’re in midsized cities. I think it’s tougher, frankly, when you get into really big metropolitan areas. … I think a newspaper has to be primary as a news source to a community. And I think it’s very tough in a New York City or a Los Angeles. It’s a lot easier in a Tulsa, Okla., or a Greensboro, N.C. We have been focused on those kind of papers, and we will buy more.
David Einhorn's Greenlight Capital was down 0.1% for the first quarter, underperforming the S&P 500's 6.2% return. In their letter to investors, which was reviewed by ValueWalk, the Greenlight team said a lot happened during the first quarter even though they made just a handful of changes to the portfolio and essentially broke even. Q1 Read More
The one thing I can guarantee you is we will not cut the news hole. The idea of selling less and less for more and more is not a winning system. I love newspapers. I read five every day.