We do not follow the common practice of talking one-on-one with large institutional investors or analysts, treating them instead as we do all other s… - Warren Buffett

We do not talk one-on-one to large institutional investors or analysts, but rather treat all shareholders the same.

Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.

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

Over the years, Charlie and I have seen all sorts of bad corporate behavior, both accounting and operational, induced by the desire of management to meet Wall Street expectations. What starts as an “innocent” fudge in order to not disappoint “the Street” — say, trade-loading at quarter-end, turning a blind eye to rising insurance losses, or drawing down a “cookie-jar” reserve — can become the first step toward full-fledged fraud. Playing with the numbers “just this once” may well be the CEO’s intent; it’s seldom the end result. And if it’s okay for the boss to cheat a little, it’s easy for subordinates to rationalize similar behavior.