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Mega-investor Warren Buffett once held a big portfolio of daily and weekly newspapers, and he specialized in squeezing out competitors so each held a local monopoly. Then he’d chop staff and news content, letting him glean annual profit margins above 30%.
But alas for poor Warren, along came the internet, allowing people to root around for free to find local information missing from his hollowed-out papers. They began losing readers, advertisers, and profits, so, in 2020, Buffett sold out his entire portfolio.
9-30A The Oracle Speaks
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Mega-investor Warren Buffett once held a big portfolio of daily and weekly newspapers, and he specialized in squeezing out competitors so each held a local monopoly. Then he’d chop staff and news content, letting him glean annual profit margins above 30%.
But alas for poor Warren, along came the internet, allowing people to root around for free to find local information missing from his hollowed-out papers. They began losing readers, advertisers, and profits, so, in 2020, Buffett sold out his entire portfolio.
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