Warren Buffet Bites Search, Says Newspapers Still 'Come To Us'
While co-hosting Bloomberg TV's "in The Loop" this morning, billionare investor Warren Buffett commented on his love of newspapers, and especially an important part of their user experience: That users don't need to go out and search for news on them. "They come to us," he said, adding that he would rather invest in newspapers than other big media companies, including News Corp.
The segment can be viewed here but some of Buffett's comments included:
“Newspapers used to be primary virtually everything. They have lost their primacy in many areas. If you lived in Nebraska and you’re interested in Nebraska football or your high school and what's going on with your neighbors, you’re only going to find it in the independent papers. The smaller paper is still primary to many areas of interest.”
“I'd rather buy newspapers myself directly…I like buying individual papers at the right price. The prices should be low because their revenues are going to decline over time. We're not buying into a business where revenues are going to increase. We have to buy them at the right price. We have to buy papers that are subject to less erosion because they have lost their primacy.”