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The Yankees long-term reinvestment in their team is, in part, what makes them great. They don’t let greed get in the way of spending a lot of money on their player’s payroll. The Steinbrenners understand that you have to spend money to make money. (Daring Fireball)

This lesson also applies to another story that Daring Fireball has followed for some time: newspapers. The greed that ran up the price of a lot of media properties in the past two decades—and saddled many of them with huge debts—made selling papers more important than writing them. (The tension between selling and writing was always there; it just was more balanced.) Many newspapers ended up shrinking their newsrooms and lowering the amount of locally-written content. Maybe not at first—but audiences noticed and are now moving on.