Newspaper prices bet on a long inflationary future
“Recent buyers of newspapers have paid prices reflecting what they hope to achieve over a very long -term, inflationary future, and we, of necessity, conformed to this pattern in our acquisition.”
Investing
Charlie Munger's 1977 letter to Blue Chip Stamps shareholders, one of the letters in Blue Chip Stamps and Wesco Letters, 1977–2009.
Newspaper reading habits are hard to change
“Newspaper habits are very hard to change, particularly in a city like Buffalo where almost all newspaper circulation is home -delivered.”