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.

When you got a demand issue it's hard to imagine the stock market at an all-time high.

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.

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.

In my case, if one out of five opportunities is interesting enough to work on, maybe one in five of those ends up being worth doing. That might be a function of risk. That might be a function of price. There are all the variables. But you have to be constantly sorting and choosing and prioritizing.

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 reality is that I need to be challenged and interested, as long as the risk and reward is in line.