--- title: "Meaning & Key Takeaway of: If the technology hadn't changed, they…" description: "\"If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do well. If Tom M..." image: "https://sms4smile.com/quotes/i/c02/charlie-munger-458_business_if-the-technology-hadn-t-changed-they-ne_2396489.jpg" --- # If the technology hadn't changed, they \[newspapers\] would… ![“If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do well. If Tom Murphy as running it, you'd do very well, but even your idiot nephew could do well. Fortunately, carbide cutting tools [such as those made by Iscar]…” quote by Charlie Munger](https://sms4smile.com/quotes/i/c02/charlie-munger-458_business_if-the-technology-hadn-t-changed-they-ne_2396489.jpg) [Download](https://sms4smile.com/quotes/i/c02/charlie-munger-458_business_if-the-technology-hadn-t-changed-they-ne_2396489.jpg) [Open image](https://sms4smile.com/quotes/i/c02/charlie-munger-458_business_if-the-technology-hadn-t-changed-they-ne_2396489.jpg) > “If the technology hadn't changed, they \[newspapers\] would still be great businesses. Network TV \[in its heyday\], anyone could run and do well. If Tom Murphy as running it, you'd do very well, but even your idiot nephew could do well. Fortunately, carbide cutting tools \[such as those made by Iscar\] don't have these types of substitutes.” [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Some industries stay dominant because they lack viable substitutes, unlike media which evolved with tech. **In simple terms:** Industries without alternatives stay strong. Key Takeaway Identify sectors with high entry barriers. Themes business strategy technology competition industry analysis Mood analytical cautious Type strategic informative When to use this quote - investment decisions - career planning - market entry - product development Key Concepts economic moat disruptive innovation Questions to Reflect On - What industries seem irreplaceable today? - How can you protect a business from future tech shifts? A Different Perspective Markets can still be disrupted by unforeseen innovations. ★ ★ ★ ★ ★ No ratings yet [Business](https://sms4smile.com/quotes/about/business/) [Idiot](https://sms4smile.com/quotes/about/idiot/) [Journalism](https://sms4smile.com/quotes/about/journalism/) [Newspapers](https://sms4smile.com/quotes/about/newspapers/) [Running](https://sms4smile.com/quotes/about/running/) [Technology](https://sms4smile.com/quotes/about/technology/) [Tools](https://sms4smile.com/quotes/about/tools/) ## Related quotes > [I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that widespread corrupt…](https://sms4smile.com/quotes/charlie-munger/i-also-want-to-raise-the-possibility-that-there-are-in-the-very-long/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [The amazing thing about working on new platforms is that there is a great deal of excitement. 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You have this humongous audience, tens of millions of people, and you really can be in…](https://sms4smile.com/quotes/patricia-arquette/there-s-something-i-really-like-about-network-tv-you-have-this/) [Patricia Arquette](https://sms4smile.com/quotes/author/patricia-arquette/) > [I think that network TV is going to either have to reinvent itself or it's going to have to be more competitive - there…](https://sms4smile.com/quotes/jane-lynch/i-think-that-network-tv-is-going-to-either-have-to-reinvent-itself-or/) [Jane Lynch](https://sms4smile.com/quotes/author/jane-lynch/) > [There's certain things that you can do on cable that you can't do here on network TV, so then you have to think outside…](https://sms4smile.com/quotes/josh-charles/there-s-certain-things-that-you-can-do-on-cable-that-you-can-t-do/) [Josh Charles](https://sms4smile.com/quotes/author/josh-charles/) ## More by Charlie Munger > [Almost all good businesses engage in 'pain today, gain tomorrow' activities.](https://sms4smile.com/quotes/charlie-munger/almost-all-good-businesses-engage-in-pain-today-gain-tomorrow/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [If you want good behavior, don't pay on a commission basis. 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It’s the one sin you can’t have any fun at.](https://sms4smile.com/quotes/charlie-munger/what-good-is-envy-it-s-the-one-sin-you-can-t-have-any-fun-at/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good…](https://sms4smile.com/quotes/charlie-munger/we-believe-that-almost-all-really-good-investment-records-will/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. 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