"And smart investors always have written agreements governing their investments."

For various reasons, including the fact that prices have rebounded enough to approach record levels, he said, the smart investor will be contrary.

If you are going to follow smart investors in the market, you had better keep a close eye on them.

But at least one smart investor is betting that newspapers have a future.

They know they must somehow become smart investors to pay for old age.

But why would any smart investor actually want to invest in such a large fund?

"This is a lesson in why a smart investor would hedge their Pipe investment," he said.

But at this stage of the industry's life, smart investors should seek out companies that stand out from the pack, too.

That's why smart investors always check out the background of anyone promoting an investment opportunity.

He and his team are widely considered some of the smartest investors in the media or telecommunications industries.