Steven Pearlstein Rebuts Warren Buffett: Now Is The Time To Buy Newspapers

Washington Post:

I don't make a habit of corresponding with directors of The Washington Post Co. -- it's not normally a great career move. However, your recent comments about the folly of investing in newspapers received much attention and hit close to home. I hope you won't mind my offering a different view.

Read the whole story: Washington Post

Comments

[Tulka2]

Thirty years ago we knew the time of tearing down forests so has to deliver news that was old the moment it was printed was almost at an end. Bummer. Nanotechnology is not quite here yet.

I do not care how competent journalists and reporters deliver the news, i just want the news. It's not that newspapers are disappearing that's really the problem. It's that reporters, newsrooms and journalists are disappearing.

Huff Post has its own reporters now. The future! Even if i have to wait for inane ads to download before i see my story.

[marthainmaine]

Election fraud...illegal war..torture...destroying the constitution...decline of the dollar...NAFTA ...off shore banking.... Not news worthy. Pacifiers work for babies. Most adults see no use for them.

[marthainmaine]

Maybe newpapers need to do some framing. Why not call them papers, since they don't break news anymore. In the case of the NY Times ....they knew bush was illegally eavesdropping and printed it up about five years later.

WE do not need so many different views on how great the corporations and govt. are. That is all we get from "papers."

When times are hard for the average American...who wants to see our reps , banksters and corporotists living large.....off of US.

[Swatantra]

Noose-papers?

Sure, go ahead! Stick your head right in there.

[Swatantra]

Print is dead, dead, deadsky.
It has gone the way of cuneiform and stone tablets.

You are looking right at the reason why.

[OtayPanky]

And while you're in a buying mood, buy a Saturn, too.

[BigBagel]

and a American Motors Gremlin.

[epenstien]

Buffet is sad he voted Obama.Buffet has lost his touch,but is smart enough to stay away from newspapers.I like OIL and FOOD stocks(inflation will be headlines within a year.$4 a gallon gas by next summer.

[BigBagel]

I agree. inflation, possibly hyper inflation.

[traveler501]

irrespective of the good or bad of it...paper newspapers are dead. and ultimately the organizations will follow, cause without the need for the big equipment (printing presses etc) who needs the organization?

[AbstractionAction]

So his answer is "this is a perfect time for one investor/group to purchase all major brand newspapers and have a pre-made country-wide economy of scale."

So in other words: "LET'S HAVE MORE WALMART CAPITALISM."

[epenstien]

You guys would love Walmart to fail.You are irresponsible economically challenged just like Obama,and the Democrats.Poor people rely on WAL MART.Take away Walmart and poverty ramps up.

[MountPanic]

Yes, I'm sure the guy who depends on the eroding stability of the papers has a much better perspective on investing in papers than the investor does.

[redstateaz]

A message to all the Left-Wing writers in the Newspapers. Your days are numbered. Your monopoly is over. We don't have to read your hateful crap anymore. Get a real job.

[samjung23]

That's what you call a sucker bet.

[jnratliff]

The corporate owned media cannot be trusted.

[msully]

Is it Buffett's MO to buy failing business models and turn them around? Or does he usually identify and snap up GOOD business models that others haven't noticed yet? I thought it was the latter.

[jsgaetano]

Oh yeah, we should definitely value Pearlstein's advice. After all, he's one of the richest men in the world.

Wait, he's not... Buffett is. Oops!