Explain his buying newspapers! (I'm being tongue in cheek, I understand how they fit into his cash flow/moat profile). Yahoo! assets could be understood through

Explain his buying newspapers! (I'm being tongue in cheek, I understand how they fit into his cash flow/moat profile). Yahoo! assets could be understood through that lens. Agree, it's more likely it's a favorable loan term (perhaps what he did with GS - high coupon preferred redeemable for common).