**We don’t really know what profits are **
Based on EBIDTA, GM, TSLA , and F profits are 21.5B , 530M, 13.3 B .
Buffet and acolytes have “owner profits” because , erm, net income isn’t profits right.
But I think there is one thing for sure, we definitely don’t know how to price risk and we generally assume tomorrow will look like today. It leads us to do silly things like underestimate competition, obligations, liabilities, and macro economic shocks.