Warren Buffett had a lot to say in his latest annual letter to shareholders. As usual, he was as blunt as he was opinionated about the shenanigans in the market. He criticised the use of bold imaginative accounting as one of the shames of capitalism. He launched a broadside against those who have turned the practice of second-guessing quarterly accounts into a game. Companies that can beat the market’s quarterly forecasts are generally hailed as geniuses. Those that can’t are often punished. He said that the activity is disgusting. He pointed out that it doesn’t require any talent to manipulate numbers. It only requires a deep desire to deceive. In his letter he also revealed the secret sauce of his investing success, namely, time. He pointed to his early investments in two American titans that have since turned into giant cash machines. Together, they have generated US$1 billion for him in dividends in 2022....