QuestionerYou constantly mention the importance of future intrinsic value and evaluating a business or company. With all of the new options available in today's social media and the speculation of the demise of the newspaper media, why by the Omaha World Herald? Was there some self-indulgence in this?
WarrenYou know, news is what you don't know that you want to know. I mean, everybody in this room has a whole bunch of things that they want to keep informed on. And if you go back 50 years, the newspaper contained dozens and dozens and dozens of areas of interest to people where it was the primary source. If you wanted to rent an apartment, you could learn more about running an apartments by looking at a newspaper than going anyplace else. If you wanted a job, you could learn more about that job. If you wanted to know where bananas were selling the cheapest this weekend, you could find it out. If you wanted to know how you're, whether Stan Musial, you know, went two for four, three for four last night, you went to the newspapers. If you wanted to look at what your stocks were selling at, you went to the newspaper. Now, all of those things, which are of interest to many, many, many people have now found other means, they found other venues where that information is available on a more timely, often cost-free basis. So newspapers have to be primary about something of interest to a significant percentage. of the people that live with in their distribution area. They still are primary in a great many areas. The World Herald tells me every day a lot of things that I want to know that I can't find someplace else. They do tell me a lot of things about my city, about local sports, about my neighbors, about a lot of things that I want to know. And as long as they stay primary in that arena, they've got an item of interest to me. But I think that the, I think the economics, based on the prices we've paid, and we may buy more newspapers, I think the economics will work out okay. It's nothing like the old days, but it still fulfills an important function.