They could be simpletons that lost millions. The mentality that it takes money to make money used to go so far as to suggest that investing lots of money was easier and that the stock market was a no-brainer. Then that wasn't so and it was still thought that real estate was a no-brainer.
It was very simple to gambling at the roulette wheel. When you lose, you double down. Eventually, you will win and make it all back. That sounds great, but it doesn't work out that way unless you have endless money and doubling down had no house-limit. Even then, if you think the odds of "black" coming up on the next spin increases because it was red or green (ZERO and Double ZERO) so many times, you are totally wrong.
Anyway, they are selling real estate after the great drop of 2008. They could have made a real killing in 2000 on those hot properties. They stayed in print too long. Print is dying. They build new Headquarters instead of just moving to Patterson or Wallkill. They seemed to assume they would be constantly expanding personnel and suddenly switch.