The non-obvious thing is that if 6 years ago Ebitda was '100' and today it is around '10' then Mr. Buffet would have paid 40 rather than 900. Comparing the Ebitda makes you think the cost was 45% of 6 years ago, but if Ebitda has fallen in this period then, as in my example, the price is just 4.5% of 6 years ago.

If these businesses are able to survive the next few years and get to grips with all the new mediums of publication then Ebitda may well return to the levels of 6 years ago and then Mr. buffet would be sitting very pretty indeed.

Does anyone have the comparative Ebitda figures?