Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.
Buy a cross section of American industry, and if a cross section of American industry doesn't work, certainly trying to pick the little beauties here and there isn't going to work either.
The thing that interests me least about the radio business is the radio business. But I've had to learn a little bit about it. It's not rocket science: You get ratings, that's good.
Strictly speaking, no activity and no industry is possible without a certain amount of violence, no matter how little. Even the very process of living is impossible without a certain amount of violence. What we have to do is to minimize it to the greatest extent possible.