As has been pointed out by several other people....the only way that this makes sense is if the debt is materially reduced. I don't understand Buffet's strategy here...... but it does appear he may be angling to buyout LEE. I am considering taking a small speculative long position.....i need to do more research first.
Thats a good point.....I hadn't crunched the #'s but what you are saying does make sense. It all comes down to what the "assets" (papers) could be sold for and i do agree that they would be sold at a steep discount.
You can expect LEE to make a large pullback in the stock price just like what happened after the last "Buffett Rally". In fact I spoke to my neighbor today who cancelled their newspaper subscription delivered to their house. They said they didn't think they should have to pay for news anymore because news is general public knowledge available free, live, and uncensored on the internet.
Yes, and I don't have to worry about whether farmers can make a living because I buy all my food at the grocery store. Come on, folks, where do you think the vast majority of information on the Internet originates? Do you think it just magically appears on Google searches? Jeez!
"In fact I spoke to my neighbor today who cancelled their newspaper subscription delivered to their house"
LOL, sound investment thesis to be sure. My geek brother shops online people were dumbe to buy SPG at 25 because no one goes to the mall anymore to buy things.
My nieghbor said he shut the water off from the city because he can just walk across the street to the river and get what he needs for free, live, and uncensored. Im going to to that too I think
I dont know what Walt was thinking but I think it kisses 2 at least on this run. It is now known Buffet made purchases in the open market and doubled down on his position. It looks as the way the stock is trading its under accumalation again today
I'm considering taking a small speculative position as well. I cant understand why Buffet would make a buyout through small purchases of the common (rather than just making a single offer).....but I have to admit that the only reason would be for an eventual acquisition. As my 'ol granpappy used to say "when the facts change.....change your thesis".