At Anh Thomas we love Warren Buffet’s quotes about EBITDA. We could not agree more than with the following quote from his 2002 shareholder letter: “Trumpeting EBITDA (earnings before interest, taxes, depreciation and amortization) is a particularly pernicious practice. Doing so implies that depreciation is not truly an expense, given that it is a “non-cash” charge. That’s nonsense. In truth depreciation is a particularly unattractive expense because the cash outlay it represe