“Bullshit Earnings”: Charlie Munger Slams Companies Who Use “Ridiculous” Adjusted EBITDA To Report Earnings


He commented: “I don’t like when investment bankers talk about EBITDA. It’s ridiculous. Think of the basic intellectual dishonesty that comes when you start talking about adjusted EBITDA. You’re almost announcing you’re a flake.”

The conversation came up as a response to Uber, who last week said it would be raising its “EBITDA profitability” target for the forth quarter of 2020. The stock jumped as a response. Munger made the comments as part of a broader warning on Thursday at the Daily Journal annual shareholders meeting.