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What He Said

Warren Buffett was really ragging about the propriety of accounting rules again in his 2017 letter to shareholders of Berkshire Hathaway. He has a point.  Unrealized gains or losses on stock holdings are considered earnings, whether they intend to sell or not in the near or long term, if ever.  But all the info babes on Fox and CNBC want to talk about is quarterly EPS.  The word is out on the street as soon as they report. Berkshire even announces earnings on late Fridays or Saturdays just to allow some time for this all to ruminate.  Does this news make our profession even less relevant than it already is?  Or is Warren an old coot who just wants some attention from the info babes?