RE:RE:Q1 resultsI believe adi. editda adds back interest, taxes, depreciation and amortization, not one-time non-recurring costs. Charlie Munger has this to say about editda I think that, every time you saw the word EBITDA [earnings], you should substitute the word bullshit earnings. People who use EBITDA are either trying to con you or theyre conning themselves. Telecoms, for example, spend every dime thats coming in. Interest and taxes are real costs. It [depreciation] is reverse float you lay out money before you get cash. Any management that doesnt regards depreciation as an expense is living in a dream world, but theyre encouraged to do so by bankers. Many times, this comes close to a flim flam game. People want to send me books with EBITDA and I say fine, as long as you pay cap ex. There are very few businesses that can spend a lot less than depreciation and maintain the health of the business. This is nonsense. It couldnt be worse. But a whole generation of investors have been taught this. Its not a non-cash expense its a cash expense but you spend it first. Its a delayed recording of a cash expense. We at Berkshire are going to spend more this year on cap ex than we depreciate.