Late Tuesday, Berkshire Hathaway
-- the conglomerate controlled by investment wizard Warren Buffet
-- was forced by SEC fiat
to disclose that it had bought $2.1 million worth of shares in Lee Enterprises
, parent company of the Post-Dispatch
So naturally, here's what happened:
A lot of other people decided to buy shares too, because Buffet is (1) a
genius, (2) the most successful investor this century and (3) loaded
with enough cheddar
to purchase you, your family, and probably Spain.
The new demand shot the price
up 30 percent to 1.43 per share on Wednesday morning. But by the close of trading today, the price had dipped back down to 1.28 per share.
But it's all relative: Compared to years past, Lee stock has been way up this year ever since the news came out in January that it had successfully refinanced its massive debt (much of which was incurred when it bought the PD