报纸眼里不能只有钱

    此外，他还解释道，鉴于先进出版公司并未打算出售旗下资产，所以，虽然这家报纸看上去是不错的投资选择，但他并没有买下它的打算。不过，他认为，地方性报纸，不论是纸媒还是网媒，确实是一项可以持续的生意。目前，巴菲特的伯克希尔•哈撒韦公司（Berkshire Hathaway）旗下拥有或持股的媒体就包括奥马哈《世界先驱报》（World-Herald）、《华盛顿邮报》（Washington Post）、《水牛城新闻报》（Buffalo News ）和媒体综合集团（Media General）等。上周二，据透露，伯克希尔公司购买了李氏企业公司（Lee Enterprises）3.2%的股份，该公司旗下包括《圣路易斯邮报》（Post-Dispatch）和其他47家日报。并且有可靠消息显示，巴菲特有意继续买进该公司股份，甚至有可能最终将整个公司都收入囊中。

    那么，巴菲特希望投资报纸能带来多少利润呢？肯定不会是30%至40%，甚至也不到20%。他在接受Daily Beast网站霍华德•库尔茨的采访时表示：“与我们在伯灵顿铁路公司（Burlington Railroad）的投资相比，报纸资产的收益确实有些微不足道。不过，从财务上来看，对报纸的投资即便算不上精明，也绝对不是愚蠢的决定。”

    译者：刘进龙/汪皓

    He also noted that Advance doesn't tend to sell off its properties, so it's unlikely he could buy the paper even if it looked like a good investment. He does, however, believe that local newspapers can be a sustainable business, whether in print or online. His company Berkshire Hathaway (BRK.A) now owns or has stakes in stakes in the Omaha World-Herald, the Washington Post (WPO), the Buffalo News and Media General (MEG). On Tuesday, it was revealed that Berkshire had purchased a 3.2 percent stake in Lee Enterprises (LEE), which owns the St. Louis Post-Dispatch and 47 other dailies. Informed speculation has it that he means to buy more of the company -- perhaps with an eye toward snapping up the whole thing.

    And what kinds of profits does Buffett expect his newspaper investments to generate? Probably not in the 30% to 40% range, or even 20%. "The kind of earnings we'll draw from our newspaper properties will be a very tiny fraction of, say, Burlington Railroad," he told Howard Kurtz of the Daily Beast. "But it's not a dumb decision financially."