Buffett's 2nd Mistake

Need to preface this by saying that Warren Buffett is one of my most admired investors. A lot of my valuation models are based on fundamental principles that Buffett has championed and mastered.

That said, I think his recent purchase of Media General is a mistake on par with buying an airline.

You can have a well-managed company with a sound business strategy, but if the market for its product is shrinking and can't be grown, you're headed for failure. And right now, the market for newspapers as physical products is shrinking. And the business model for online newspapers -- giving the content away for free -- is also not sustainable.

Obviously, Buffett has billions of reasons to say I'm wrong, and even if Media General crashes and burns it's no big loss. I suppose Buffett is seeing more upside than downside so I get the play ... it's just that it's 40 years too late.