In his 2018 Berkshire Hathaway Annual Letter, Warren Buffett is critical of the way some on Wall Street present financial data, specifically earnings, in a way that inflates their true value. He compares this to someone calling a dog's tail a leg – it doesn't change the reality of what it is. Buffett, known for his value investing approach, emphasizes focusing on a company's real underlying value rather than manipulated financial metrics.