Saturday, July 08, 2006

Berkshire's 40 Years Wisdom of Life 7: Creative Accounting

"We prefer better profits to better cosmetics.


Over the years, a number of very smart people have learned the hard way that a long string of impressive numbers multiplied by a single zero always equals zero. That is not an equation whose effects I would like to experience personally, and I would like even less to be responsible for imposing its penalties upon others." -- Warren Buffett, Letter To Shareholders, Berkshire Hathaway Inc., 2005.

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