I’ve been doing some analysis of my portfolio and some candidate acquisitions which has been quite interesting. There was a remark in a TMF piece about Berkshire which noted that the recent quarter looked bad compared to the one a year ago because of some unusual income in the older quarter and that made me wonder what TTM to prior TTM isn’t the norm for such comparisons instead of looking at them in isolation. Yes, the quarter a year ago should have the same seasonality issues as the current quarter, but any smallish company selling big ticket items can easily have income shift quarter to quarter without it meaning anything. TTM to prior TTM seems to help smooth such things out.