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Earnings can be pliable as putty when a charlatan heads the company reporting them.

Warren Buffett

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Warren Buffett
Age: 94
Born: 1930
Born: August 30
Entrepreneur
Financier
Investor
Shareholder
Omaha
Nebraska
Warren Edward Buffett
Earnings
Reporting
Earning
Heads
Putty
Decision
Pliable
Company
Charlatan
Business
Valuation
Charlatans

More quotes by Warren Buffett

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I lose confidence in other people, all kinds of institutions.
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When you listen to tax-cut rhetoric, remember that giving one class of taxpayer a break requires - now or down the line - that an equivalent burden be imposed on other parties. In other words, if I get a break, someone else pays. Government can't deliver a free lunch to the country as a whole. It can however, determine who pays for lunch.
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Charlie [Munger] and I are not big fans of resumes. Instead, we focus on brains, passion and integrity.
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Making money isn't the backbone of our guiding purpose it is the by-product of our guiding purpose.
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We will reject interesting opportunities rather than over-leverage our balance sheet.
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You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.
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Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.
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The best investment you can make is in yourself.
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The single most important decision in evaluating a business is pricing power.
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If you hit a hole in one every hole, you wouldn’t play golf for very long.
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Risk comes from not knowing what you are doing so wide diversification is only required when investors are ignorant. You only have to do a very few things in your life so long as you don't do too many things wrong.
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The investor of today does not profit from yesterday's growth.
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We look for things I can understand. A lot of businesses I don't understand.
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I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.
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We're still in a recession. We're not gonna be out of it for a while, but we will get out.
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I'm the luckiest guy in the world in terms of what I do for a living. No one can tell me to do things I don't believe in or things I think are stupid.
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Having first rate people on the team is more important than designing hierarchies and clarifying who reports to whom.
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I've made money over the years by buying into good companies, run by good people, at attractive prices. And I don't try and make it out of buying into the market at one point and selling at another point.
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When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.
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In the long run managements stressing accounting appearance over economic substance usually achieve little of either.
Warren Buffett