And what to learn from it.

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I've left out of my discussion Sam Zell's "complex" $8.2 billion purchase of the Tribune Co. because it is neither a vanity play nor newspaper-insider miscalculation. What the hell is it? If I figure it out, I'll hit you with Twitter. If you've got a better idea, send it via e-mail to slate.pressbox@gmail.com. (E-mail may be quoted by name in "The Fray," Slate's readers' forum; in a future article; or elsewhere unless the writer stipulates otherwise. Permanent disclosure: Slate is owned by the Washington Post Co.)

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