Charlie Munger: 'EBITDA is BULLSH*T'

_*Summary:*_
The 2003 Berkshire Hathaway annual meeting featured Warren Buffet and Charlie Munger discussing the use of alternate measures of profitability, such as earnings before interest, tax, depreciation, and amortization (EBITDA). Munger argued against the use of EBITDA, suggesting that it was essentially the same as using earnings as a measure of business performance. The discussion also touched on the denial of expense option expense and the importance of accurate accounting in running a successful civilization. Munger expressed frustration with people who made "ridiculous arguments" against expensing options, suggesting that many of them were simply too egotistical to admit that they were wrong. Buffet and Munger both seemed to agree that such individuals were "somewhere between crazy and crooked."
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F-Finance has a special focus on two of the most renowned investors of our time - Warren Buffett and Charlie Munger who are both highly successful American business leaders and investors. Warren Buffett is the CEO and chairman of Berkshire Hathaway, a multinational conglomerate holding company, and is widely considered to be one of the most successful investors in the world. Charlie Munger is the Vice Chairman of Berkshire Hathaway and is also a successful businessman and investor. The two men have worked together for decades and are known for their successful investing strategies and long-term approach to business.
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