When we invest our money, we logically expect the best possible return. And particularly on the long run, as we don’t want to keep moving our assets from one place to another.

Investing in media is no different to investing in other fields:
First we must look for companies geared to serve their customers’ needs (perceived by their consumers as customer-oriented).
Secondly, we need to make sure that company-dynamics are healthy-enough; and that its operations, costs, prices, and revenues are sustainable.
Only then should we opt for a media company, no matter how many articles we’ve read in regards to media investments as “recession-proof”…

This letter explains why…