The
accounting reality is that earnings represent someone's (possibly informed)
opinion of a firm's performance.
Cash flows are fact, but few investors are willing to do their own fundamental analysis. "Managing" earnings is largely a form of (less than
transparent) marketing.
If nobody thought they could earn money in the market then nobody would invest, and it would be even less efficient, making it even easier to earn supranormal profits.
...a nodeshell rescue