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The income statement can be managed. Cash flow doesn't lie.
accounting— Yale School of Management lecture, 2011
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I wrote a book exposing creative accounting and got fired for it. Best career move I ever made.
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Most investors spend too much time on earnings and not enough time on balance sheets. The balance sheet tells you what a company owns. The income statement tells you what management wants you to think.
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It violates the spirit of the law, but not the letter of the law.