Warren Buffett pointed out a key difference between himself and Wall Street in his latest letter to shareholders of Berkshire Hathaway ( BRK.A -0.03%) ( BRK.B -0.17%). He noted that he doesn't use earnings before interest, taxes, depreciation, and amortization ( EBITDA ), referring to the financial metric as "a flawed favorite of Wall Street."

NEW YORK (AP) — Wall Street’s sell-off hit a new low Thursday after President Donald Trump’s escalating trade war dragged the S&P 500 more than 10% below its record, which was set just last month.