From the Introduction
"Warren Buffett, the world's most successful investor, posed the following question to shareholders in one of his Berkshire Hathaway annual reports:
'How many legs does a dog have if you call its tail a leg?'
If you said 5, go to the back of the class. The answer is 4. 'Just because you call its tail a leg," says Buffett, 'doesn't mean it is a leg.'
He used the riddle as an allegory for accounting shenanigans. When a company says it has made "£50 million profit", its claim should be regarded critically. Accounting rules may allow a finance director to declare X as profit, but that doesn't mean X is profit. As the saying goes, 'Profit is a matter of opinion. Cash is a matter of fact'.
The conundrums, tests and tricks in this book are in the same spirit as Buffett's dog riddle. They are meant to entertain and educate. Some are straight numeracy tests, some are word plays, some are logic traps, and some require lateral thinking. A few of them are easy. Most demand some mental exertion. One was devised by Einstein."
"synopsis" may belong to another edition of this title.
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