The second richest man in the world has acquired a stake in The New York Times Co. (NYT), but there’s a good chance you’ve never heard of him.

Carlos Slim, the Mexican telecom mogul whose net worth is estimated at $60 billion by Forbes, filed a 13-G with the SEC, disclosing a 6.4% stake in the company. Given that there are several activist investors circling the company, the fact that it’s a 13-G is interesting: by disclosing the stake that way, instead of with a 13-D, Mr. Slim is indicating that the investment is passive and that he does not intend to take an active role in shaping the company’s strategy.

Here’s what investors should take from this: Mr. Slim is a smart guy, so it might be worth picking up the stock based on the notion that if it’s good enough for him, it’s good enough for you. Slim is likely attracted by the same thing that’s attracted a lot of investors: valuable brands at a depressed share price. But don’t expect Slim to be the guy who shakes things up for the benefit of shareholders.

The situation at The New York Times Co. is very similar to the one at the Dow Jones & Co. before it was sold to News Corp. (NYSE: NWS). You have a company with a board of directors with a history of value destruction entrenched by a dual-class voting structure, and a hodgepodge of outside shareholders buying up stakes to little effect.

In the long run, the only thing that is likely to generate real returns for shareholders is an unsolicited takeover bid from a strategic buyer. In the current environment, that seems unlikely to happen anytime soon.

Zac Bissonnette

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