Warren Buffett says

“In the long run managements stressing accounting appearance over economic substance usually achieve little of either.”

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“It’s not possible for investors to consistently outperform the market. Therefore you’re best served investing in a diversified portfolio of low-cost index funds [or exchange-traded funds].”

“Why focus on cash flows? Because a share of stock is a share of a company’s future cash flows, and, as a result, cash flows more than any other single variable seem to do the best job of explaining a company’s stock price over the long term.”

“Warren talks about these discounted cash flows. I’ve never seen him do one.”