From BERKSHIRE HATHAWAY INC. SHAREHOLDER LETTER - CALENDAR YEAR 2010
"Let’s focus here on a number we omitted, but which many in the media feature above all others: net income. Important though that number may be at most companies, it is almost always meaningless at Berkshire. Regardless of how our businesses might be doing, Charlie and I could – quite legally – cause net income in any given period to be almost any number we would like."
The Intelligent Investor knows that net income isn't so important as analysts make it sound.
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