Alan Smolinisky‘s 15-month old son Charlie was named in honor of billionaire investor Charles Munger. In his home, there is also a framed, flattering hand-written note from another three-comma titan, Warren Buffett.
So why would Smolinisky have paid seven figures for the money-losing Pacific Palisades weekly newspaper the Palisadian-Post? Because, like Aaron Kushner with the Orange County Register, Doug Manchester down in San Diego and the LA Times‘ imminent new owner, this savvy investor believes in the future of a well-targeted and storied print publication. Per Martha Groves‘ LA Times write-up:
Bill Bruns, managing editor since 1993, likes to joke that, if a resident of Brentwood won a Nobel Prize, the paper would not cover the story. But if the person lived in the Palisades the news would land on the front page.