報紙眼里不能只有錢

????此外，他還解釋道，鑒于先進出版公司并未打算出售旗下資產，所以，雖然這家報紙看上去是不錯的投資選擇，但他并沒有買下它的打算。不過，他認為，地方性報紙，不論是紙媒還是網媒，確實是一項可以持續的生意。目前，巴菲特的伯克希爾?哈撒韋公司（Berkshire Hathaway）旗下擁有或持股的媒體就包括奧馬哈《世界先驅報》（World-Herald）、《華盛頓郵報》（Washington Post）、《水牛城新聞報》（Buffalo News ）和媒體綜合集團（Media General）等。上周二，據透露，伯克希爾公司購買了李氏企業公司（Lee Enterprises）3.2%的股份，該公司旗下包括《圣路易斯郵報》（Post-Dispatch）和其他47家日報。并且有可靠消息顯示，巴菲特有意繼續買進該公司股份，甚至有可能最終將整個公司都收入囊中。

????那么，巴菲特希望投資報紙能帶來多少利潤呢？肯定不會是30%至40%，甚至也不到20%。他在接受Daily Beast網站霍華德?庫爾茨的采訪時表示：“與我們在伯靈頓鐵路公司（Burlington Railroad）的投資相比，報紙資產的收益確實有些微不足道。不過，從財務上來看，對報紙的投資即便算不上精明，也絕對不是愚蠢的決定。”

????譯者：劉進龍/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."