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Best of the Blogs: Can Buffett Investment Save the Newspaper Business?


Minyanville's daily roundup of some of the best financial commentary from around the Web.

This column highlights the most interesting and useful business and financial commentary from around the Web each day. Use our comments section to post your own suggestions for blog content that you've read or written.
The Guardian: Greenslade Blog
The Real Reasons For Warren Buffett's Newspaper Deals
"Warren Buffett, often billed as the world's most famous investor, last week bought 63 local US newspapers for $142m (£90m). This acquisition, by Buffett's Berkshire Hathaway (BRK-A) group, has been trumpeted as illustrating some kind of counter-intuitive faith in the future of newsprint. But one of America's best media commentators, Jack Shafer, isn't buying that line. Forget any romantic notions, he writes, Buffett 'buys when he sees value that others don't.'"
New York Times: DealBook
Nasdaq Concedes Facebook Missteps
"The chief executive of the Nasdaq (^IXIC) stock market acknowledged on Sunday that technical issues had marred the debut of Facebook (FB) as a public company on Friday, but contended that the missteps had not affected the performance of the company's shares. While the executive, Robert Greifeld, called the initial public offering an imperfect success, others were disappointed by a first day of trading in which Facebook closed at $38.23, barely above its offer price of $38 a share." (For related content, see How the Botched Facebook IPO Has Created a Short-Term Opportunity in Other Social Names.)
"What will the economy look like in 2013? A great deal depends on what Congress decides to do at the end of this year. Remember, the Bush tax cuts are expiring, the payroll tax holiday will sunset, and a bunch of new spending cuts under the debt-deal "sequester" are scheduled to kick in. Coming all at once, that's a potentially big drag on growth. Jared Bernstein passes along a chart from Goldman Sachs (GS) that tries to map out a couple of different scenarios here." (Also read Why the Expiration of the Bush Tax Cuts Would Be an Implicit Austerity Measure.

Wall Street Journal: Digits
Link: The $1 Billion Start-Up Club List, Minus Facebook

"Facebook today is officially graduating from the exclusive club of US start-ups valued at $1 billion or more. So who's left in the club? At least 20 such companies, according to an analysis from Dow Jones (^DJI) VentureSource, including the latest inductee, online scrapbooking site Pinterest, which this week raised $100 million at a $1.5 billion valuation. As WSJ's Pui-Wing Tam points out in her story today about the frothiness in Silicon Valley, this club is becoming less exclusive."

Financial Times: FT Alphaville
[JPM Whale-Watching Tour] Oh, So Now It's a $5bn Loss?
"Morgan Stanley's (MS) research team came out with a note on Friday, guesstimating that JPMorgan's (JPM) losses on the synthetic credit portfolio held by its Chief Investment Office will come to $5bn by the end of the year, which is $2bn more than CEO Jamie Dimon seemed to think they'd come to when the announcement of the losses was first made on May 10". (Also read The Indices That Tripped Up JPMorgan.)
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No positions in stocks mentioned.
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