2000: Would Buffett buy the Omaha World-Herald?

AUDIENCE MEMBER: Given your comments about newspapers, may we assume that you are probably not going to buy the Omaha World-Herald?

WARREN BUFFETT: I think that’s a fair assumption. But that would probably be true regardless of my thoughts about newspapers. Because they’re not going to sell.

Charlie, have you got anything to add on any of those?

CHARLIE MUNGER: Well, that story about the World-Herald is interesting. The truth of the matter is that, if Warren had been offered the Omaha World-Herald 20 or 25 years ago, he would’ve cheerfully bought it. And now he doesn’t want it. And that isn’t because of the economics.

WARREN BUFFETT: That’s true. Yeah, I mean, there’s no question — I have not been offered it, never will be offered it. And all — the ownership’s all set. But what Charlie said is true.

If it were still owned by an individual, and they offered it to me, for economic reasons, I wouldn’t want to buy it. And for other reasons, I wouldn’t want to buy it.

CHARLIE MUNGER: But you wouldn’t want to buy it now, because your life would be less congenial afterward than before. There’d be more people after you.

WARREN BUFFETT: There’d be no plus in life to owning the World-Herald, at all. Yeah. (Laughter)

And, as Charlie said, that’s probably not the way we would’ve thought 30 years ago.

CHARLIE MUNGER: Not at all.

WARREN BUFFETT: I think we’re right now.