One of the Last Companies Standing
One of my favorite businesses to watch is publishing. Even though the digital age does represent a fundamental shift in the industry, there is a high potential for value to be had during the advent and adoption of disruptive technologies as they often lead to unwarranted investor pessimism. Venerable companies that have been in business for decades can reposition themselves, go private, liquidate or even go bankrupt in this scenario. If an investor can avoid bankruptcy risk and do some research, there is often potential for a sound investment to be had.
One of my favorite investors, Walter Schloss, famously said, "I like to buy companies that don't have any debt - because then...
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