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Financial Shenanigans, Fourth Edition: How to Detect Accounting Gimmicks & Fraud in Financial Reports, 4th Edition by Yoni Engelhart, Jeremy Perler, Howard M. Schilit

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2

Just Touch Up the X-Rays

I can’t afford the operation, but would you accept a small payment to touch up the x-rays?

—WARREN BUFFETT, CEO OF BERKSHIRE HATHAWAY

Legendary investor Warren Buffett generously uses his annual letter to shareholders as a vehicle to educate all interested parties about the art of investing. In one such letter, the Oracle from Omaha, as he is affectionately known, gave a particularly poignant lesson concerning a subject that is near and dear to us: companies that use financial shenanigans to hide unpleasant truths from investors. This letter described a conversation between a seriously ill patient and his doctor, just after an x-ray revealed the bad news about his condition. Rather than accepting the diagnosis of his ...

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