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69-576: The Trenton Times was founded in 1882. The paper was owned by the Kerney family from the turn of the 20th century, and was sold to The Washington Post Company in 1974 for $ 16 million. Washington Post Company management had committed to overcoming its crosstown rival, the Trentonian , which had been founded in 1945 (by personnel on strike against The Times ) and had been taking circulation away from The Times since its inception. The new management began

138-486: A Brooklyn -based tutoring company which in subsequent decades would grow its footprint and expand its offerings beyond test prep to become Kaplan, Inc. On August 5, 2013, it was announced that the Washington Post Company would sell the flagship newspaper for $ 250 million to Jeff Bezos , founder and chief executive of Amazon.com . The Washington Post Company agreed to adopt a new corporate name once

207-406: A Garrett, Indiana -based electrical manufacturer. In 2017, Graham acquired Hoover Treated Wood Products, Inc, a supplier of lumber and plywood products for fire retardant and preservative applications. In May 2020, Graham Holdings announced that it had acquired Framebridge . In July 2019, Graham Holdings acquired Clyde's Restaurant Group , the owner and operator of several restaurants in

276-435: A 1985 book reported that most value from diversification comes from the first 15 or 20 different stocks in a portfolio. More stocks give lower price volatility. Given the advantages of diversification, many experts recommend maximum diversification, also known as "buying the market portfolio ". Identifying that portfolio is not straightforward. The earliest definition comes from the capital asset pricing model which argues

345-413: A function of n {\displaystyle n} , the number of assets. For example, if all assets' returns are mutually uncorrelated and have identical variances σ x 2 {\displaystyle \sigma _{x}^{2}} , portfolio variance is minimized by holding all assets in the equal proportions 1 / n {\displaystyle 1/n} . Then

414-612: A group of seven television stations. Led by chief executive officer Catherine Badalamente, the company is based in Detroit , co-located with its local NBC affiliate WDIV-TV . Stations are arranged in alphabetical order by state and city of license . Graham Holdings Company also owns several companies active in various capacities on the World Wide Web . These include The Slate Group , which publishes Slate , Slate V , ForeignPolicy.com and World of Good Brands (formerly

483-835: A majority stake in Troy, Michigan -based Residential Healthcare Group, the parent company of Residential Home Health and Residential Hospice, which provides at-home and on-site health care and hospice services in Michigan and Illinois. Graham Healthcare Group provides home health, hospice and palliative care services through joint ventures with health systems and physicians groups. The subsidiary designs business and technology solutions aimed at streamlining hospice and home health operations and improving quality of care. Graham Healthcare Group includes Residential Healthcare Group, Allegheny Health Network-Healthcare @ Home, Mary Free Bed at Home, Clarus and InTeliCare. Graham Healthcare Group also operates

552-515: A morning edition and started circulating a Saturday edition, led by a number of editors, publishers and circulation experts imported from The Post . Despite this commitment, The Times lost in excess of 11,000 daily readers in the 1970s, while the Trentonian gained 13,000. By 1982, the Trentonian had pulled ahead of The Times in daily circulation, and held a 67,000 to 62,000 edge in daily papers as of 1987. Area newspaper readers never adopted

621-566: A nationwide specialty pharmacy licensed in 38 states that serves patients suffering from chronic illness through its Clinical Specialty Infusions, LLC (CSI Pharmacy) business located in Texarkana, Texas . Through its Clarus Care, LLC (Clarus) business in Nashville, Tennessee , GHG provides call management solutions to physician groups and hospitals. In July 2013, Graham Holdings purchased Forney Corp. for an undisclosed sum. The company, which

690-540: A quarter of the news staff in early 1982. The home city was dropped from the title in 1985 as part of an effort to reach out to a broader suburban audience, with separate editions published for (and focusing on) the Trenton, Princeton and Burlington County areas. In December 1986, the paper was sold by Albritton for $ 50 million to Advance Publications , the privately held company owned by the Newhouse family. In 1987,

759-479: A small number of assets compared to later investment theories, he nonetheless is recognized as a pioneer of financial diversification. Keynes came to recognize the importance, "if possible", he wrote, of holding assets with "opposed risks [...] since they are likely to move in opposite directions when there are general fluctuations" Keynes was a pioneer of "international diversification" due to substantial holdings in non-U.K. stocks, up to 75%, and avoiding home bias at

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828-574: A social media management platform for newsrooms, through its subsidiary, Graham Media Group. In June 2021, Graham Holdings acquired Leaf Group , a consumer internet company that runs both online consumer-orientated brands and marketplace brands. In 2023, the Leaf Group was restructured to become World of Good Brands, separating Leaf’s lifestyle publishing websites – Well+Good , Livestrong , Hunker and OnlyInYourState — from its marketplace businesses, Saatchi Art and Society6 . In October 2012,

897-522: A son-in-law of CEO Don Graham, joined GHC as president. O'Shaughnessy became CEO in November 2015. In November 2014, Graham Holdings said it would spin off Cable ONE as a separate, publicly traded company in 2015. The spin-off was completed on July 1, 2015. In March 2018, Graham sold Kaplan University , Kaplan’s online higher education operation, to the Purdue University system , and it

966-426: Is q = σ y 2 / [ σ x 2 + σ y 2 ] {\displaystyle q=\sigma _{y}^{2}/[\sigma _{x}^{2}+\sigma _{y}^{2}]} , which is strictly between 0 {\displaystyle 0} and 1 {\displaystyle 1} . Using this value of q {\displaystyle q} in

1035-404: Is increasing in n rather than decreasing. Thus, for example, when an insurance company adds more and more uncorrelated policies to its portfolio, this expansion does not itself represent diversification—the diversification occurs in the spreading of the insurance company's risks over a large number of part-owners of the company. The expected return on a portfolio is a weighted average of

1104-535: Is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia , and incorporated in Delaware , it was formerly the owner of The Washington Post newspaper and Newsweek magazine. Its current holdings include the digital marketing company Code3 (formerly SocialCode); online and print media entities including Slate Magazine , Foreign Policy through

1173-479: Is based in Addison, Texas , manufactures equipment that monitors and controls the combustion of coal, natural gas, and other materials. This equipment is sold to electric utilities for use in power generation plants. In June 2014, Graham Holdings acquired Joyce/Dayton Corp., a Dayton, Ohio -based manufacturer of screw jacks and other linear-motion systems. In November 2015, Graham Holdings acquired Group Dekko,

1242-496: Is even less likely to experience a 50% drop since it will mitigate any trends in that industry, company class, or asset type. Since the mid-1970s, it has also been argued that geographic diversification would generate superior risk-adjusted returns for large institutional investors by reducing overall portfolio risk while capturing some of the higher rates of return offered by the emerging markets of Asia and Latin America. If

1311-795: Is monotonically decreasing in n {\displaystyle n} . The latter analysis can be adapted to show why adding uncorrelated volatile assets to a portfolio, thereby increasing the portfolio's size, is not diversification, which involves subdividing the portfolio among many smaller investments. In the case of adding investments, the portfolio's return is x 1 + x 2 + ⋯ + x n {\displaystyle x_{1}+x_{2}+\dots +x_{n}} instead of ( 1 / n ) x 1 + ( 1 / n ) x 2 + . . . + ( 1 / n ) x n , {\displaystyle (1/n)x_{1}+(1/n)x_{2}+...+(1/n)x_{n},} and

1380-482: Is now known as "naive diversification", "Talmudic diversification" or "1/n diversification", a concept which has earned renewed attention since the year 2000 due to research showing it may offer advantages in some scenarios. Diversification is mentioned in Shakespeare's Merchant of Venice (ca. 1599): Modern understanding of diversification dates back to the influential work of economist Harry Markowitz in

1449-459: Is the average of the covariances σ i j {\displaystyle \sigma _{ij}} for i ≠ j {\displaystyle i\neq j} and σ ¯ i 2 {\displaystyle {\bar {\sigma }}_{i}^{2}} is the average of the variances. Simplifying, we obtain As the number of assets grows we get

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1518-421: Is the process of allocating capital in a way that reduces the exposure to any one particular asset or risk. A common path towards diversification is to reduce risk or volatility by investing in a variety of assets . If asset prices do not change in perfect synchrony, a diversified portfolio will have less variance than the weighted average variance of its constituent assets, and often less volatility than

1587-455: Is the role of diversification: it narrows the range of possible outcomes. Diversification need not either help or hurt expected returns, unless the alternative non-diversified portfolio has a higher expected return. There is no magic number of stocks that is diversified versus not. Sometimes quoted is 30, although it can be as low as 10, provided they are carefully chosen. This is based on a result from John Evans and Stephen Archer. Similarly,

1656-421: Is the solution whereby each asset in a portfolio has an equal correlation with the portfolio, and is therefore the "most diversified portfolio". Risk parity is the special case of correlation parity when all pair-wise correlations are equal. One simple measure of financial risk is variance of the return on the portfolio. Diversification can lower the variance of a portfolio's return below what it would be if

1725-653: Is the variance on asset i {\displaystyle i} and σ i j {\displaystyle \sigma _{ij}} is the covariance between assets i {\displaystyle i} and j {\displaystyle j} . In an equally weighted portfolio, x i = x j = 1 n , ∀ i , j {\displaystyle x_{i}=x_{j}={\frac {1}{n}},\forall i,j} . The portfolio variance then becomes: where σ ¯ i j {\displaystyle {\bar {\sigma }}_{ij}}

1794-598: The Washington metropolitan area , including Old Ebbitt Grill . In January 2019, Graham Holdings acquired 90% of two automobile dealerships from Sonic Automotive. The company's latest acquisition — its fourth auto dealership to date — is located at 8820 Centreville Road in Manassas. Christopher J. Ourisman of Ourisman Automotive will operate and manage the dealership, which the Arlington holding company purchased from

1863-503: The 1950s, whose work pioneered modern portfolio theory (see Markowitz model ). An earlier precedent for diversification was economist John Maynard Keynes , who managed the endowment of King's College, Cambridge from the 1920s to his 1946 death with a stock-selection strategy similar to what was later called value investing . While diversification in the modern sense was "not easily available in Keynes's day" and Keynes typically held

1932-523: The Battlefield Automotive Group. Terms of the deal were not disclosed. In 1984, Graham Holdings (then The Washington Post Company), acquired Stanley H. Kaplan Educational Centers. In the 1990s, the company expanded abroad and grew beyond test preparation, expanding its training and publishing businesses, diversifying into English language training, higher education, pathways programs, online learning and other services. It launched

2001-627: The FP Group, which includes Foreign Policy magazine and ForeignPolicy.com), Graham Media Group (formerly Post-Newsweek Stations), a group of seven television stations ; education company Kaplan ; manufacturing operations including Hoover Treated Wood Products, Dekko, Joyce/Dayton Corp, Forney Corporation; Graham Healthcare Group, which provides home health, hospice and palliative care services through joint ventures with health systems and physicians groups as well as other services; Graham Automotive, which includes eight automotive dealerships around

2070-549: The Leaf Group). The Root , an online magazine focusing on African American culture, was owned by The Slate Group until Graham Holdings sold it to Univision Communications in 2015. Graham Holdings Company also owns SocialCode, an advertising agency specializing in social media/ID-based marketing, and is an investor in Pinna, a children's podcast company. In November 2014, Graham Holdings Company acquired Social News Desk,

2139-502: The Mercer County ballpark. Longtime Editor-in-Chief and Publisher Brian Malone retired; and his editorial replacement, Matt Dowling, and new Publisher Sheila Gallagher-Montone struggled to keep the brand alive. Restructuring efforts initially led to a repopulation of the newsroom, as the headcount expanded and the editorial operations reacquired some of their former liveliness. Soon the paper was noted for its singular resilience amid

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2208-467: The Post's approach of turning The Times into a paper with a serious national and international focus, preferring the tabloid Trentonian and its local focus on "cheerful photographs of local residents". The difficulties faced by The Times were so challenging that Katharine Graham , chairman of The Post , called her experiences with The Times as her "Vietnam." Allbritton Communications Company bought

2277-479: The Washington, D.C. region; and content and marketplace company World of Good Brands (formerly Leaf Group ). Graham Holdings Company also owned cable television and internet service provider Cable One until it was spun off in 2015 and the now-defunct Trove (formerly WaPo Labs)—the developers of a news reader app . The history of Graham Holdings Company dates back to 1877, when The Washington Post

2346-514: The asymptotic formula: Thus, in an equally weighted portfolio, the portfolio variance tends to the average of covariances between securities as the number of securities becomes arbitrarily large. The capital asset pricing model introduced the concepts of diversifiable and non-diversifiable risk. Synonyms for diversifiable risk are idiosyncratic risk, unsystematic risk, and security-specific risk. Synonyms for non-diversifiable risk are systematic risk , beta risk and market risk . If one buys all

2415-418: The available diversification. "Risk parity" is an alternative idea. This weights assets in inverse proportion to risk, so the portfolio has equal risk in all asset classes. This is justified both on theoretical grounds, and with the pragmatic argument that future risk is much easier to forecast than either future market price or future economic footprint. "Correlation parity" is an extension of risk parity, and

2484-425: The belief investors will have time to recover from any downturns. Yet this belief has flaws, as John Norstad explains: This kind of statement makes the implicit assumption that given enough time good returns will cancel out any possible bad returns. While the basic argument that the standard deviations of the annualized returns decrease as the time horizon increases is true, it is also misleading, and it fatally misses

2553-539: The beneficiaries of various family trusts) collectively control the company through their ownership of the unlisted Class A common stock that selects 70% of the company's board of directors . As of 2014, it forms more than 90% of the family's assets. Prior to 2014, Berkshire Hathaway was a substantial holder of the public Class B common stock that selects 30% of the company's board of directors, but exchanged most of that stock for WPLG-TV , one of Graham Holdings' television stations, and other assets, in 2014. Since 1950,

2622-559: The charter school failed to have its charter renewed by the state. Printing of the paper was outsourced to the Staten Island Advance , another Newhouse newspaper. Strict, early evening newsroom deadlines were imposed so that the printing schedule would fit that of the Advance . When the building was sold, the remaining Times crew, numbering around 30, moved into leased offices at River View Plaza beside Waterfront Park,

2691-562: The company had been based in the Washington Post building in Washington, D.C. , which was sold off separately in 2014. Its new headquarters are at 1300 North 17th Street in Arlington, Virginia, with the choice of state motivated (according to Don Graham) by the proximity to Congress and the fact that two of the holding's activity areas, education and health care, are subject to federal regulation. In 1984, The Washington Post Company purchased Stanley H. Kaplan Education Centers, Ltd.,

2760-528: The entire portfolio were invested in the asset with the lowest variance of return, even if the assets' returns are uncorrelated. For example, let asset X have stochastic return x {\displaystyle x} and asset Y have stochastic return y {\displaystyle y} , with respective return variances σ x 2 {\displaystyle \sigma _{x}^{2}} and σ y 2 {\displaystyle \sigma _{y}^{2}} . If

2829-519: The expected returns on each individual asset: where x i {\displaystyle x_{i}} is the proportion of the investor's total invested wealth in asset i {\displaystyle i} . The variance of the portfolio return is given by: Inserting in the expression for E [ R P ] {\displaystyle \mathbb {E} [R_{P}]} : Rearranging: where σ i 2 {\displaystyle \sigma _{i}^{2}}

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2898-785: The expression for the variance of portfolio return gives the latter as σ x 2 σ y 2 / [ σ x 2 + σ y 2 ] {\displaystyle \sigma _{x}^{2}\sigma _{y}^{2}/[\sigma _{x}^{2}+\sigma _{y}^{2}]} , which is less than what it would be at either of the undiversified values q = 1 {\displaystyle q=1} and q = 0 {\displaystyle q=0} (which respectively give portfolio return variance of σ x 2 {\displaystyle \sigma _{x}^{2}} and σ y 2 {\displaystyle \sigma _{y}^{2}} ). Note that

2967-432: The favorable effect of diversification on portfolio variance would be enhanced if x {\displaystyle x} and y {\displaystyle y} were negatively correlated but diminished (though not eliminated) if they were positively correlated. In general, the presence of more assets in a portfolio leads to greater diversification benefits, as can be seen by considering portfolio variance as

3036-592: The firm purchased Celtic Healthcare Inc. for an undisclosed sum. Celtic Healthcare, based in Pennsylvania , provides home health care in western, central, and northeastern Pennsylvania as well as Montgomery and Baltimore County, Maryland . It also provides home hospice services in the same areas, as well as owns a 10-bed inpatient hospice in Dunmore, Pennsylvania . In 2014, it had around 558 full-time and 45 part-time employees. In 2014, Graham Holdings bought

3105-740: The first online law school, Concord Law School, in 1998. Over the years, it has purchased several other educational companies and schools worldwide, expanding its operations and delivery of courses and programs in key markets beyond North America including the UK, Ireland , Singapore , Australia , and New Zealand . Kaplan today offers a variety of test preparation , professional training, career development, language training, university and student support services. Kaplan has over 10,000 employees in 27 countries, and partners include more than 12,000 businesses and 4000 educational institutions. Diversification (finance) In finance , diversification

3174-485: The fraction q {\displaystyle q} of a one-unit (e.g. one-million-dollar) portfolio is placed in asset X and the fraction 1 − q {\displaystyle 1-q} is placed in Y, the stochastic portfolio return is q x + ( 1 − q ) y {\displaystyle qx+(1-q)y} . If x {\displaystyle x} and y {\displaystyle y} are uncorrelated,

3243-444: The gains from diversification. Their approach was to consider a population of 3,290 securities available for possible inclusion in a portfolio, and to consider the average risk over all possible randomly chosen n -asset portfolios with equal amounts held in each included asset, for various values of n . Their results are summarized in the following table. The result for n =30 is close to n =1,000, and even four stocks provide most of

3312-612: The general decline of the Newhouse newspaper publications. Gallagher-Montone even went so far as to call it "the Times Miracle" in a year-end staff meeting. Within a year or two, however, the tone had changed considerably, and Gallagher-Montone announced in another staff meeting that the paper was "making budget" (meaning meeting revenue targets) but stopped short of saying that it was profitable. Gallagher-Montone retired in 2015, and former vice president of sales Joan Mason took her place as publisher. The series of layoffs continued, with

3381-403: The individual business lines have little to do with one another, yet the company is attaining diversification from exogenous risk factors to stabilize and provide opportunity for active management of diverse resources. The argument is often made that time reduces variance in a portfolio: a "time diversification". A common belief is younger investors should avoid bonds and emphasize stocks, due to

3450-440: The least volatile of its constituents. Diversification is one of two general techniques for reducing investment risk. The other is hedging . The simplest example of diversification is provided by the proverb " Don't put all your eggs in one basket ". Dropping the basket will break all the eggs. Placing each egg in a different basket is more diversified. There is more risk of losing one egg, but less risk of losing all of them. On

3519-659: The literature on the fallacy of time diversification have been from Paul Samuelson , Zvi Bodie , and Mark Kritzman. Diversification is mentioned in the Bible , in the book of Ecclesiastes which was written in approximately 935 B.C.: Diversification is also mentioned in the Talmud . The formula given there is to split one's assets into thirds: one third in business (buying and selling things), one third kept liquid (e.g. gold coins), and one third in land ( real estate ). This strategy of splitting wealth equally among available options

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3588-464: The maximum diversification comes from buying a pro rata share of all available assets . This is the idea underlying index funds . Diversification has no maximum so long as more assets are available. Every equally weighted, uncorrelated asset added to a portfolio can add to that portfolio's measured diversification. When assets are not uniformly uncorrelated, a weighting approach that puts assets in proportion to their relative correlation can maximize

3657-645: The most recent occurring in the late spring of 2016. Several former reporters later became successful novelists, including John Katzenbach, Christina Hoag and Lenore Look. On September 14, 2023, the paper announced it would cease publication of its Saturday print edition, moving to an all-digital delivery of the Saturday edition beginning in 2024. On October 31, 2024, the paper announced that it would be ceasing production of its print edition entirely on February 2, 2025. The Washington Post Company Graham Holdings Company (formerly The Washington Post Company )

3726-632: The newspaper library and its years of paper clippings, were sold to a new owner who proposed to convert the building and its parking lot into a fabricated concrete distribution facility. In 2015, work began at the Perry Street building. In February 2017, it became the home of the International Academy of Trenton. The building was taken over by the Trenton Public School District for a Ninth Grade Academy after

3795-423: The other hand, having a lot of baskets may increase costs. In finance, an example of an undiversified portfolio is to hold only one stock. This is risky; it is not unusual for a single stock to go down 50% in one year. It is less common for a portfolio of 20 stocks to go down that much, especially if they are selected at random. If the stocks are selected from a variety of industries, company sizes and asset types it

3864-481: The paper from The Washington Post Company on October 30, 1981, paying $ 10 to $ 12 million for the paper. Allbritton reduced news staff at The Times from 80 employees to 56 shortly after its takeover, and made further cuts down to 52. In December 1981, The Times announced that it was dropping its evening edition and would become morning-only as of December 21, 1981. Frustrations with what was perceived as business office interference with news reporting led to defections by

3933-483: The point, because for an investor concerned with the value of his portfolio at the end of a period of time, it is the total return that matters, not the annualized return. Because of the effects of compounding, the standard deviation of the total return actually increases with time horizon. Thus, if we use the traditional measure of uncertainty as the standard deviation of return over the time period in question, uncertainty increases with time. Three notable contributions to

4002-584: The portfolio return's variance equals var [ ( 1 / n ) x 1 + ( 1 / n ) x 2 + . . . + ( 1 / n ) x n ] {\displaystyle {\text{var}}[(1/n)x_{1}+(1/n)x_{2}+...+(1/n)x_{n}]} = n ( 1 / n 2 ) σ x 2 {\displaystyle n(1/n^{2})\sigma _{x}^{2}} = σ x 2 / n {\displaystyle \sigma _{x}^{2}/n} , which

4071-718: The presence of per-asset investment fees, there is also the possibility of overdiversifying to the point that the portfolio's performance will suffer because the fees outweigh the gains from diversification. The capital asset pricing model argues that investors should only be compensated for non-diversifiable risk. Other financial models allow for multiple sources of non-diversifiable risk, but also insist that diversifiable risk should not carry any extra expected return. Still other models do not accept this contention. In 1977 Edwin Elton and Martin Gruber worked out an empirical example of

4140-410: The prior expectations of the returns on all assets in the portfolio are identical, the expected return on a diversified portfolio will be identical to that on an undiversified portfolio. Some assets will do better than others; but since one does not know in advance which assets will perform better, this fact cannot be exploited in advance. The return on a diversified portfolio can never exceed that of

4209-439: The reduction in risk compared with one stock. In corporate portfolio models, diversification is thought of as being vertical or horizontal. Horizontal diversification is thought of as expanding a product line or acquiring related companies. Vertical diversification is synonymous with integrating the supply chain or amalgamating distributions channels. Non-incremental diversification is a strategy followed by conglomerates, where

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4278-511: The revitalized Trenton Times surpassed the tabloid Trentonian in both daily and Sunday paid circulation. The Trentonian responded by adding bikini-clad women on Page 6 but despite this tactic, the Times continued to surpass the Trentonian in paid circulation into the 21st century. In 2011, the historic offices on Perry Street in Trenton, by this time in a state of advanced decay, with very serious roof leaks that at one point completely soaked

4347-457: The sale was finalized. It adopted Graham Holdings Company as the new name effective November 29, 2013. Amazon.com was not involved in the sale. Nash Holdings LLC, a company owned by Bezos, closed the purchase of the newspaper and affiliated publications on October 1, 2013. Graham Holdings Company retained ownership of WaPo Labs, its technology innovation group, since rebranded as Trove . In 2014, Tim O'Shaughnessy, founder of LivingSocial and

4416-552: The stocks in the S&;P 500 one is obviously exposed only to movements in that index . If one buys a single stock in the S&;P 500, one is exposed both to index movements and movements in the stock based on its underlying company. The first risk is called "non-diversifiable", because it exists however many S&P 500 stocks are bought. The second risk is called "diversifiable", because it can be reduced by diversifying among stocks. In

4485-428: The top-performing investment, and indeed will always be lower than the highest return (unless all returns are identical). Conversely, the diversified portfolio's return will always be higher than that of the worst-performing investment. So by diversifying, one loses the chance of having invested solely in the single asset that comes out best, but one also avoids having invested solely in the asset that comes out worst. That

4554-435: The variance of portfolio return is var ( q x + ( 1 − q ) y ) = q 2 σ x 2 + ( 1 − q ) 2 σ y 2 {\displaystyle {\text{var}}(qx+(1-q)y)=q^{2}\sigma _{x}^{2}+(1-q)^{2}\sigma _{y}^{2}} . The variance-minimizing value of q {\displaystyle q}

4623-518: The variance of the portfolio return if the assets are uncorrelated is var [ x 1 + x 2 + ⋯ + x n ] = σ x 2 + σ x 2 + ⋯ + σ x 2 = n σ x 2 , {\displaystyle {\text{var}}[x_{1}+x_{2}+\dots +x_{n}]=\sigma _{x}^{2}+\sigma _{x}^{2}+\dots +\sigma _{x}^{2}=n\sigma _{x}^{2},} which

4692-611: Was first published. The Washington Post Company was incorporated in the District of Columbia in 1889, and remained a District of Columbia corporation until it changed its place of incorporation to Delaware in 2003. It is a public company and its Class B common stock trades on the New York Stock Exchange under the ticker symbol GHC; it went public in 1971. Descendants of the late Eugene Meyer (including Chairman Donald E. Graham , his sister Lally Weymouth , and

4761-527: Was rebranded Purdue University Global , a new public university to serve adult learners. In 2019, children's podcasting company Pinna spun out of the Slate Group as a separate Graham Holdings subsidiary. In June 2021, Graham Holdings completed their acquisition of Leaf Group , a consumer internet company, at a valuation of approximately $ 323 million. Through its Graham Media Group subsidiary (formerly Post-Newsweek Stations), Graham Holdings owns

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