2006 Annual Meeting

"We were wrong about the bulletproof franchise"

By 2006, Buffett concedes the economic decline of newspapers has accelerated, and readership is going "in the wrong direction." He loves newspapers and views them as indispensable, fondly recalling a time 30 or 40 years ago when business was so good that one's "idiot nephew" could easily run a paper.

Sat, May 6 2006 • 9:00 AM EDT