"People underrate the importance of a few simple big ideas. And I think that to the extent Berkshire Hathaway is a didactic enterprise teaching the right systems of thought, I think that the chief lessons are that a few big ideas really work, as I think these filters of ours have worked pretty well. Because they’re so simple." --Charlie Munger (1997)
"We have a bunch of filters we’ve developed in our minds over time. We don’t say they’re perfect filters. We don’t say that those filters don’t occasionally leave things out that should get through. But they’re efficient.... I think most of the people in this room, if they just focused on what made a good business or didn’t make a good business and thought about it a little while, they could develop a set of filters that would let them, in five minutes, figure out pretty well what made sense or didn’t make sense." --Warren Buffett (1997)
Warren Buffett’s Berkshire Hathaway Inc. is selling its newspapers to publisher Lee Enterprises Inc. for $140 million, a rare admission by the billionaire investor that he views his newspaper business as unsustainable.
Mr. Buffett, a lifelong newspaper lover, has said for years that Berkshire’s newspaper business declined faster than he expected. In mid-2018, Berkshire hired Lee to manage all of its newspapers except the Buffalo News.
The sale announced Wednesday includes the Buffalo News along with the dozens of newspapers that Lee already manages for Berkshire, Lee said.
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