Wednesday, November 02, 2005
Bruce Sherman - The Man Shaking Up Knight Ridder
The news that Private Capital Management (PCM), a unit of Legg Mason, wants a sale or shake-up of Knight Ridder is major news. Indeed, PCM wrote in the letter it sent to the Board of Knight Ridder and filed with the Securities and Exchange Commission that "We anticipate that other shareholders would strongly support the Board's efforts to auction the Company at this time." (Full text of letter here)
Bruce Sherman (pictured at right) founded Private Capital Management, based in Naples, Florida.
Just who is Bruce Sherman? Here's a profile from a 2002 piece by Jon Markman.
There’s dumb money, and there’s smart money. And then there’s Sherman money.Photo of Bruce Sherman from the Legg Mason website.
You know all about dumb money, and a little bit about smart money.
But, chances are, you have never heard of Sherman money. That’s the kind of well-informed money that buys the most-hated stocks at very low prices ahead of the smart money, holds a long time and stealthily feeds them out, usually amid a love fest, at high prices to the dumb money.
Bruce Sherman is that kind of money, that kind of investor. The kind that even Warren Buffett comes to see when he’s in a buying mood.
EXTRA: A free-wheeling view describing the effect of Knight-Ridder cutbacks in Philly.
ANOTHER EXTRA: Fascinating column by Daniel Rubin on his Philadelphia Inquirer blog about the future of newspapers and the discussions going on in another Knight-Ridder newsroom. Contains great insights from news folks AND readers about likes, dislikes, web-based newspapers and blogging. A sample:
"We’re having so many meetings it’s a wonder we can get the paper out. But we do."ONE MORE: Poynter does a Q&A about the consequences of PCM's letter and where all of this may lead from here.