A Warren Buffett Quote About Cash Flows

Every year in the Berkshire Hathaway Inc.(NYSE: BRK $213,725.00) annual reports, chairman Warren Buffett shares his investment philosophy and strategies.

I recently went through each annual report since 2000 and did a search for the phrase "cash flow".
Each report averages about 20 pages and after searching 15 reports the phrase "cash flow" only was found once. (in 2000)

6/1/2000

Warren Buffett, Chairman of Berkshire Hathaway: click to  <2000 Annual Report:

"Common yardsticks such as dividend yield, the ratio of price to earnings or to book value, and even growth rates have nothing to do with valuation except to the extent they provide clues to the amount and timing of cash flows into and from the business. Indeed, growth can destroy value if it requires cash inputs in the early years of a project or enterprise that exceed the discounted value of the cash that those assets will generate in later years.
Market commentators and investment managers who glibly refer to growth and value styles as contrasting approaches to investment are displaying their ignorance, not their sophistication. Growth is simply a component--usually a plus, sometimes a minus-- in the value equation."