| These days, the reporting of financial metrics has wandered so far off the path from normal GAAP earnings that’s it’s difficult to keep up with companies and decipher their earnings reports each quarter. The SEC has done little to create uniformity for investors in how companies disclose their financials and, through their lack of action, have created a fertile environment for companies to report what Charlie Munger calls “bullshit earnings”. |
Charles Thomas Munger (born January 1, 1924) is an American investor, businessman, former real estate attorney, architectural designer, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation.
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