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I started my due diligence on The McClatchy Company (MNI) thinking that maybe newspaper stocks had been punished enough by the internet monster. That maybe this once great cash cow still had some value in it and its price had been pushed so low (MNI fell 96% since 2005) that even with the internet menace there was money to be made on the long side there.

And as we'll see my search didn't even start badly when I started rummaging through MNI's fundamentals…

The insight

Newspaper stocks have been punished severely, and The McClatchy Company was no different. The stock barely fetches 4% today compared to what it was worth back in 2005. This led me to...

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