Experts' Declarations of Success vs. Their Track Record Fast Thinking, Slow Returns; Slow Thinking, Fast Returns

Extraordinary Events and Net Earnings

If you look at long-term data, actual net earnings tend to be, on average, about 10% less than reported operating earnings. The difference is so-called 'extraordinary' or 'one-time' items, which are often neither extraordinary nor one-time. The actual net earnings is what matters.