Despite telling investors a few years back that the newspaper business was "terrible" and without a cure, self-described print addict Warren Buffet continues to buy dailies in small markets. But make no mistake — the billionaire Oracle of Omaha has no trick up his expensive sleeves and no idea how to stop print's decline, he tells the Times today, opting instead to wait around and hope somebody else figures it out:
“I do not have any secret sauce,” Mr. Buffett said in a phone interview. “There are still 1,400 daily papers in the United States. The nice thing about it is that somebody can think about the best answer and we can copy him. Two or three years from now, you’ll see a much better-defined pattern of operations online and in print by papers.”
That leaves those employed by Berkshire Hathaway's papers to count on Buffett's special youth serum, basically. "It's comforting to know your paper is owned by Warren Buffett," explained one 24-year-old reporter who agreed to move to Buffalo instead of taking an online job in D.C. "I hope he lives to be 200." That's about as good of a bet as being a journalist in the first place.