Zell is just another one of the rich old farts who didn't see the end of the newspaper industry. Carlos Slim is putting millions into the NYT, he's going to take a hit as well. I think these rich old geezers refuse to see the end of traditional print and broadcast media partly because they've been glorified by it. They are used to seeing their name in print, even if just mentioned as the owner of such and such baseball team or such and such newspaper. Regardless of the success they have enjoyed in the past, they have this one wrong. Newspapers are on the ropes. In the next decade, we will see a major regional newspaper fold, two decades at the most. Some argue that radio did not destroy newspaper, or that televsion did not destroy radio, so that means the internet will not now destroy newspaper. Well, when radio came out, and then television, newspapers did not take the revenue hit that they are taking now. Radio and televsion were mere firecrackers, the internet is a nuclear bomb.
There betting the governments are going to successfully reflate and they will get rich in the process.
================= Well if someone likes real estate trends; yes its interesting. Sam Zell is an old timer[meaning that in a respectful sense]. saved a Wall Street Journal newspaper-APR 2005.Sam said'' sell what you don't want'' Most of the display ads that day,[ paper page ]were sheriff sales-672 acres......................................................................................... I still read [but not subscribe] to news papers.Most papers clearly & simply disrespect/war against the Judeo-Christian foundation of this nation. Like to read real estate ads, classified/display ads. Big city newspaper here laid some off Most weekly news papers[small town...] are still doing ok; but they dont smear the churches, they help them. Did subscribe to Investor Business Daily, paper edition IBD is still growing , like FOX. fair & balanced newspaper; but i read it online, investors.com
By your logic, Mozart could have been luck. If it's possible to make billions form real estate with no skill, then we would see real estate billionaires who have no skill or knowledge in the field. We don't, therefore it isn't. Contrast this with stocks, where a universe of 1 million random portfolios will result in a decent chunk that outperform the S&P, and a few that make a killing. I have yet to see a random number generator make millions from real estate.
People buy newspapers for non-commercial reasons. It's a way to acquire status and political influence, not to make money directly.