'Managers thinking about accounting issues should never forget one of Abraham Lincoln's favorite riddles: `How many legs does a dog have if you call his tail a leg?' The answer: `Four, because calling a tail a leg does not make it a leg'.'
More from Warren Buffett
'The Stock Market is designed to transfer money from the Active to the Patient.'
Permalink to quote #88 'Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds... any business craving of the lea…
Permalink to quote #90 'Wall Street is the only place that people ride to work in a Rolls Royce to get advice from those who take the subway.'
Permalink to quote #87