Warren Buffett says

“Over-all, we probably would have retained better prospects for the next five years if profits had not risen so dramatically this year.”

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“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.”

“I think that, every time you see the word EBITDA, you should substitute the words "bullshit earnings".”

“Any business plan won’t survive its first encounter with reality. The reality will always be different. It will never be the plan.”