When all is said and done, what must be remembered is a newspaper is a business. It used to be a fabulous business that made extraordinary margins. It's now a very good business with appropriate margins.

I've always been called a professional opportunist, and in the future I'm open to anything. We've spent a lot of time offshore, looking at opportunities in real estate outside the United States.

The question is not do you take money out of stocks and put it into real estate, or the reverse. There's so much money out there looking for a home. I don't think it's either/or.

The single biggest issue that I'm very sensitive to is inflation. I'm very concerned that this extended period where the interest rates were quite low and stimulated a lot of activity could breed inflation and create a problem for us.

If you could find a major city that actually had a functioning, good public school system, you should buy all the real estate.

Just by being private, the culture will change. We won't be forced to make decisions that are 90 days in relevance.

My single biggest financial concern is the loss of the dollar as the reserve currency. I can't imagine anything more disastrous to our country. . .you're already seeing things in the markets that are suggesting that confidence in the dollar is waning. . .I think you could see a 25% reduction in the standard of living in this country if the U.S. dollar was no longer the world's reserve currency. That's how valuable it is.