The news that the Telegraph lost £10m last year encourages Guido to believe that in the coming years the truth will slowly dawn on loss making media moguls. Comment is just a click away. Good quality comment is free of charge at places like ConservativeHome, PoliticalBetting and UK Polling Report. The value of your paper pundits will therefore decrease to zero. The “we know best” gatekeeper mentality just won’t do.

To all those media executives shaking their heads, don’t forget that this blog is more profitable than the Telegraph, Independent and Guardian combined. Better value for readers as well…

[See also Henry Blodget's fisk of a speech from AP's Tom Curley.]