For example...

There's an interesting piece in yesterday's Daily Telegraph from London on developments at United Business Media. It looks at the direction the company will take after the Informa merger fell through and after the reorganisation of CMPi.

It picks an odd example to illustrate why UBM is not so exposed to advertising downturns as it used to be:

Some investors have lingering doubts that UBM is over-exposed to the extremely shaky advertising market but that's an unfair perception these days. The lion's share of the company's profits now come from events - such as the Shanghai Boat Show - plus news distribution, subscriptions and data products.

Now, there's nothing wrong with CMP Sinoexpo's boat show in Shanghai (pictured here). Quite contrary. It's all set to consolidate its position as the most important in China. But how did that jump to the Torygraph writer's mind I wonder?

The article also speculates that "smaller rivals Centaur, ITE and Wilmington could all appear on UBM's radar screen". ITE has an interesting Central Asia portfolio which would nicely fill in the gap between the existing CMP activities in Europe and East Asia.