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Buying a company cheaply enough means that future economic shocks won't wreck a deal. He predicted that Berkshire Hathaway will own Heinz 100 years from now. "Heinz is forever, as far as we're concerned," he said. AUTOMATIC SPENDING CUTS Buffett said the automatic spending cuts that went into effect over the weekend are a "meat-ax way" to cut spending. But considering all the government spending and Federal Reserve cash infusions, spending probably has to be cut one way or another. "You may have to use the meat ax first," he said, "and then people kind of look at their handiwork and say,
'We have to do better than this.'" NEWSPAPERS Buffett's company has been buying papers. Berkshire Hathaway will own 28 daily newspapers in small and mid-sized cities once its acquisition of the Tulsa World is complete. And there are more to buy. Last month Tribune Co. said it has hired investment bankers to help it sell its newspapers, which include the Chicago Tribune and the Los Angeles Times. "No thanks," Buffett said when asked about buying those two papers. He said the papers that are going to make money will be those in a tight-knit community that wants local news. He said that the smaller papers have smaller profit margins than most other companies that Berkshire Hathaway invests in.
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