Quote of the day by Henry Singleton: “Our accounting is set to maximize cash flow, not reported earnings. Smoothing reported earnings just has to take a backseat”

Henry Singleton emphasized cash flow over reported earnings for business success. Sustainable businesses generate strong cash, not just accounting profits. Management should focus on economic value, not quarterly earnings targets. Investors gain deeper insights by examining operating and free cash flow. Cash generation remains the essential lifeblood of any business.