There's no money in investigative journalism.

Good stories take months (sometimes years), so you need hundreds of good journalists to make good stories in a high enough frequency that people would even consider paying for a subscription.

You're either chasing public grants (and people always question your impartiality), or you die. You can count on one hand the ones that have been in this game for longer than a decade and even then you'll have fingers to spare.

Today we lost a great one.

Disclaimer: I work for OCCRP.org which I would (subjectively) put in the same basket. No Pulitzer yet, but we got a Nobel Peace Prize nomination this year!