Charlie Munger says newspaper industry is dying
- Charlie Munger, the longtime business partner of Warren Buffett, on Wednesday said Chinese companies are stronger than American companies, lamented a “dying” newspaper industry, and offered passing praise for Tesla Inc’s Elon Musk though he would never invest in his company.
He remains better known for having since 1978 been a vice chairman at Buffett’s Berkshire Hathaway Inc . He echoed Buffett’s sentiment that only a few newspapers, such as the New York Times and Wall Street Journal, may survive the shakeout as the Internet and changing reader preferences cause advertising revenue to plummet.
Munger is Berkshire’s chief supporter of that company’s investment in Chinese electric car company BYD Co , which began in 2008.
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