Part 8: On capital-intensive businesses, newspapers, TTI, Phillips 66, and cryptocurrencies. Episode
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Buffett explains why Berkshire has become more open to investing in capital-intensive businesses. He discusses the challenges faced by the newspaper business and how the New York Times, Wall Street Journal and Washington Post are among the few with working business models. The two slam the mania in bitcoin and cryptocurrencies, and explain why these non-productive assets have no real value.