“Stock-based compensation shouldn’t be counted as an expense? What else could it be? And restructuring expenses? Restructurings are common in business. Our acquisition-related amortisation expenses may not be a true economic cost. In contrast, Berkshire’s depreciation charge understates our true economic cost." — Warren Buffett
From The Investments Blog: The practice of ignoring real costs makes what’s inherently challenging — the investing process — even more so.