1. 'A CEO Whose Focus is Centered on Wall Street will be Tempted to Make up the Numbers'

    'A CEO Whose Focus is Centered on Wall Street will be Tempted to Make up the Numbers'

    Warren Buffett's Berkshire Hathaway just published its annual letter to shareholders, and he took a moment to take aim at the practice of reporting adjusted earnings.  Earnings adjustments are common on Wall Street. Companies can, for example, back out certain costs by saying they're not likely to be repeated or not part of the "core" business. While businesses have to report unadjusted earnings, Wall Street analysts typically focus on the adjusted number...

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    1. He said, for example, that Berkshire Hathaway had been restructuring since Buffett acquired it in 1965, and
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