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Pastimes : Rage Against the Machine

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To: Thomas M. who started this subject	3/25/2002 1:09:57 AM
From: Thomas M.	of 1296

Warren Buffett on today's shoddy accounting standards: berkshirehathaway.com <<< Bad terminology is the enemy of good thinking. When companies or investment professionals use terms such as "EBITDA" and "pro forma," they want you to unthinkingly accept concepts that are dangerously flawed. (In golf, my score is frequently below par on a pro forma basis: I have firm plans to "restructure" my putting stroke and therefore only count the swings I take before reaching the green.) >>> <<< I'd say the effects from telling a profit-challenged insurance CEO to lower reserves through discounting would be comparable to those that would ensue if a father told his 16-year-old son to have a normal sex life. Neither party needs that kind of push. >>>

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