[lrs]

Not sure why you're getting downvoted here. Isn't this the same effect Buffett is talking about in the letter when he describes the local paper's advantage in coverage of "local sports?" People will pay to read about their kid's soccer goal; people will pay to peruse the list of people who got picked up for DUIs last week and look for anyone they know. Am I misunderstanding Buffett's position here?

[adestefan]

That was my point. Everyday the first page my mother reads in her local paper are the obituaries. Next stop is the community pages to see who filed for marriage certificates and divorces, followed by the high school sports and maybe the front news section if she has time.

I get phone calls from her because so and so that was in my high school class had a baby or was picked up by the cops. It's never to discus the latest city council meeting.