Warning signs of a bs presentation: Cheesy photos of smiling...

Warning signs of a bs presentation:

• Cheesy photos of smiling people on the cover page.
• Trumpeting EBITDA instead of the bottom line. Charlie Munger has said: ‘Every time you see EBITDA earnings, you should substitute bullsht earnings’.
• Using the words ‘strategic’ and ‘leverage’.
• More cheesy pictures smiling faces just before the financial review (Uh oh…)
• Even more cheesy pictures, inspiring client relationships, underlying EBITDA, strategic, blah blah. Arrggh!