Warren Buffett Keeps Buying Newspapers, for Some Reason

NEW YORK, NY - SEPTEMBER 30: Berkshire Hathaway Inc. Chairman and CEO Warren E. Buffett smiles at the New York Stock Exchange before ringing the opening bell on September 30, 2011 in New York City. U.S. President Barack Obama's new plan for a higher tax rate for millionaires has been dubbed the "Buffett Rule" in reference to the billionaire investor, who supports the plan.  (Photo by Mario Tama/Getty Images)
Photo: Mario Tama/2011 Getty Images

The old white man fascination with ink on paper persists as Warren Buffett's Berkshire Hathaway announces its plan to acquire 63 newspapers from Media General for $142 million. The paper boy-cum-billionaire also purchased an Omaha-based newspaper chain last year, despite telling investors in 2009 that the business was a "terrible" one with "the possibility of unending losses" and "[nothing] on the horizon that causes that erosion to end." Oh well, who cares! Nostalgia: priceless.