--- title: "Meaning & Key Takeaway of: I think that, every time you see the word…" description: "\"“I think that, every time you see the word EBITDA, you should substitute the words \"bullshit earnings.”\" — Charles T. Munger" image: "https://sms4smile.com/quotes/i/b16/charles-t-munger-48919_time_i-think-that-every-time-you-see-the-word_2026658.jpg" --- # I think that, every time you see the word EBITDA, you… ![“I think that, every time you see the word EBITDA, you should substitute the words "bullshit earnings.” quote by Charles T. Munger](https://sms4smile.com/quotes/i/b16/charles-t-munger-48919_time_i-think-that-every-time-you-see-the-word_2026658.jpg) [Download](https://sms4smile.com/quotes/i/b16/charles-t-munger-48919_time_i-think-that-every-time-you-see-the-word_2026658.jpg) [Open image](https://sms4smile.com/quotes/i/b16/charles-t-munger-48919_time_i-think-that-every-time-you-see-the-word_2026658.jpg) > ““I think that, every time you see the word EBITDA, you should substitute the words "bullshit earnings.”” [Charles T. Munger](https://sms4smile.com/quotes/author/charles-t-munger/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. EBITDA is often used to mask true earnings quality, so it should be treated skeptically. **In simple terms:** EBITDA can hide real profit problems. Key Takeaway Treat EBITDA numbers with caution. Themes finance accounting skepticism Mood analytical critical Type financial business When to use this quote - investment decisions - financial reporting - budgeting - risk assessment Key Concepts financial analysis valuation corporate governance Questions to Reflect On - Do you adjust EBITDA? - How do you assess earnings quality? A Different Perspective EBITDA may still be useful if adjusted properly. ★ ★ ★ ★ ★ No ratings yet [Bullshit Earnings](https://sms4smile.com/quotes/about/bullshit-earnings-3700198/) [Ebitda](https://sms4smile.com/quotes/about/ebitda-3700202/) [Ebitda Substitute](https://sms4smile.com/quotes/about/ebitda-substitute-3700200/) [Time](https://sms4smile.com/quotes/about/time/) [Word Ebitda](https://sms4smile.com/quotes/about/word-ebitda-3700199/) [Words Bullshit](https://sms4smile.com/quotes/about/words-bullshit-3700201/) ## Related quotes > [I think that, every time you saw the word EBITDA, you should substitute the word "bullshit" earnings.](https://sms4smile.com/quotes/charlie-munger/i-think-that-every-time-you-saw-the-word-ebitda-you-should-substitute/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [“She gets that words are sometimes bullshit and people don’t mean what they say and through it all it’s only actions that matter.”](https://sms4smile.com/quotes/katy-evans/she-gets-that-words-are-sometimes-bullshit-and-people-don-t-mean-what/) [Katy Evans](https://sms4smile.com/quotes/author/katy-evans/) > [“Conception is the beginning of human life. From the time that an ovum is fertilized a new life begins that is neither that of…](https://sms4smile.com/quotes/declaration-on-procured-abortion-congregation-for-the-doctrine-of-the-faith-1974/conception-is-the-beginning-of-human-life-from-the-time-that-an-ovum/) [Declaration on Procured Abortion Congregation for the Doctrine of the Faith 1974](https://sms4smile.com/quotes/author/declaration-on-procured-abortion-congregation-for-the-doctrine-of-the-faith-1974/) > [“The future is only an indifferent void no one cares about, but the past is filled with life, and its countenance is irritating, repellent,…](https://sms4smile.com/quotes/milan-kundera/the-future-is-only-an-indifferent-void-no-one-cares-about-but-the/) [Milan Kundera](https://sms4smile.com/quotes/author/milan-kundera/) > [Me.. I have been through a lot, but I still manage to have a smile on my face. Im not worried about the past…](https://sms4smile.com/quotes/anonymous/me-i-have-been-through-a-lot-but-i-still-manage-to-have-a-smile-on-my/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [If I had a dollar for every time I couldn’t sleep, I could buy a billion locks and finally read a book in peace.](https://sms4smile.com/quotes/aesop-rock/if-i-had-a-dollar-for-every-time-i-couldn-t-sleep-i-could-buy-a/) [Aesop Rock](https://sms4smile.com/quotes/author/aesop-rock/) > [Resist discouragement by speaking His Word over your future. Keep standing. Keep hoping; keep believing because He is working behind the scenes. He's going…](https://sms4smile.com/quotes/joel-osteen/resist-discouragement-by-speaking-his-word-over-your-future-keep/) [Joel Osteen](https://sms4smile.com/quotes/author/joel-osteen/) > [When you do things they're absolutely right at that time for you and it can always teach you something about yourself. You can take…](https://sms4smile.com/quotes/kym-marsh/when-you-do-things-they-re-absolutely-right-at-that-time-for-you-and/) [Kym Marsh](https://sms4smile.com/quotes/author/kym-marsh/) > [You'll seldom experience regret for anything that you've done. It is what you haven't done that will torment you. The message, therefore, is clear.…](https://sms4smile.com/quotes/anonymous/you-ll-seldom-experience-regret-for-anything-that-you-ve-done-it-is/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [I feel like the future is unwritten. 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Most of…](https://sms4smile.com/quotes/patricia-c-wrede/william-didn-t-look-like-he-d-be-difficult-about-anything-he-was-thin/) [Patricia C. Wrede](https://sms4smile.com/quotes/author/patricia-c-wrede/) > [These joys were so trifling as to be as imperceptible as grains of gold among the sand, and in moments of depression she saw…](https://sms4smile.com/quotes/leo-tolstoy/these-joys-were-so-trifling-as-to-be-as-imperceptible-as-grains-of/) [Leo Tolstoy](https://sms4smile.com/quotes/author/leo-tolstoy/) > ['Mad TV' is one of my most favorite shows of all time and is a huge part of my obsession with sketch comedy.](https://sms4smile.com/quotes/shane-dawson/mad-tv-is-one-of-my-most-favorite-shows-of-all-time-and-is-a-huge/) [Shane Dawson](https://sms4smile.com/quotes/author/shane-dawson/) ## More by Charles T. Munger > [“The best armour of old age is a well spent life preceding it.”](https://sms4smile.com/quotes/charles-t-munger/the-best-armour-of-old-age-is-a-well-spent-life-preceding-it/) [Charles T. Munger](https://sms4smile.com/quotes/author/charles-t-munger/) > [“What are the secret of success? -one word answer :"rational”](https://sms4smile.com/quotes/charles-t-munger/what-are-the-secret-of-success-one-word-answer-rational/) [Charles T. Munger](https://sms4smile.com/quotes/author/charles-t-munger/) > [“The best armour of old age is a well spent life perfecting it.”](https://sms4smile.com/quotes/charles-t-munger/the-best-armour-of-old-age-is-a-well-spent-life-perfecting-it/) [Charles T. Munger](https://sms4smile.com/quotes/author/charles-t-munger/) > [“There is no better teacher than history in determining the future... There are answers worth billions of dollars in 30$ history book.”](https://sms4smile.com/quotes/charles-t-munger/there-is-no-better-teacher-than-history-in-determining-the-future/) [Charles T. Munger](https://sms4smile.com/quotes/author/charles-t-munger/) > [“It takes character to sit with all that cash and to do nothing. I didn't get top where I am by going after mediocre…](https://sms4smile.com/quotes/charles-t-munger/it-takes-character-to-sit-with-all-that-cash-and-to-do-nothing-i-didn/) [Charles T. Munger](https://sms4smile.com/quotes/author/charles-t-munger/) > [“To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a…](https://sms4smile.com/quotes/charles-t-munger/to-get-what-you-want-you-have-to-deserve-what-you-want-the-world-is/) [Charles T. Munger](https://sms4smile.com/quotes/author/charles-t-munger/) > [“How to find a good spouse? -the best single way is to deserve a good spouse.”](https://sms4smile.com/quotes/charles-t-munger/how-to-find-a-good-spouse-the-best-single-way-is-to-deserve-a-good/) [Charles T. Munger](https://sms4smile.com/quotes/author/charles-t-munger/) [Explore all 8 Charles T. Munger quotes ](https://sms4smile.com/quotes/author/charles-t-munger/) ## More Time quotes > ['Mad TV' is one of my most favorite shows of all time and is a huge part of my obsession with sketch comedy.](https://sms4smile.com/quotes/shane-dawson/mad-tv-is-one-of-my-most-favorite-shows-of-all-time-and-is-a-huge/) [Shane Dawson](https://sms4smile.com/quotes/author/shane-dawson/) > [These joys were so trifling as to be as imperceptible as grains of gold among the sand, and in moments of depression she saw…](https://sms4smile.com/quotes/leo-tolstoy/these-joys-were-so-trifling-as-to-be-as-imperceptible-as-grains-of/) [Leo Tolstoy](https://sms4smile.com/quotes/author/leo-tolstoy/) > [“William didn't look like he'd be difficult about anything - he was thin and sandy-haired and already wore eyeglasses like his father. Most of…](https://sms4smile.com/quotes/patricia-c-wrede/william-didn-t-look-like-he-d-be-difficult-about-anything-he-was-thin/) [Patricia C. 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So many of the things that we write now haven't been about educating people on the environment,…](https://sms4smile.com/quotes/john-flansburgh/i-feel-like-the-future-is-unwritten-so-many-of-the-things-that-we/) [John Flansburgh](https://sms4smile.com/quotes/author/john-flansburgh/) > [You'll seldom experience regret for anything that you've done. It is what you haven't done that will torment you. The message, therefore, is clear.…](https://sms4smile.com/quotes/anonymous/you-ll-seldom-experience-regret-for-anything-that-you-ve-done-it-is/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [When you do things they're absolutely right at that time for you and it can always teach you something about yourself. You can take…](https://sms4smile.com/quotes/kym-marsh/when-you-do-things-they-re-absolutely-right-at-that-time-for-you-and/) [Kym Marsh](https://sms4smile.com/quotes/author/kym-marsh/) > [Resist discouragement by speaking His Word over your future. Keep standing. 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Im not worried about the past…](https://sms4smile.com/quotes/anonymous/me-i-have-been-through-a-lot-but-i-still-manage-to-have-a-smile-on-my/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [“The future is only an indifferent void no one cares about, but the past is filled with life, and its countenance is irritating, repellent,…](https://sms4smile.com/quotes/milan-kundera/the-future-is-only-an-indifferent-void-no-one-cares-about-but-the/) [Milan Kundera](https://sms4smile.com/quotes/author/milan-kundera/) > [“Conception is the beginning of human life. 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