I worked for a guy like that for 5 years. Biggest employer in that very small town, and well-respected by those who didn't know him well. Great guy- until the day you went to work for him, and then you were scum, bent only on cheating him (he had bought the business after being a cheater himself, so of course he didn't trust anyone under him). When he would start off on one of his rants, if you could remain calm and refute his outbursts with cold, hard, facts, he would back down every time.
I suggest you try putting together a report covering the points he made. Try to take a high road and say something like, "I looked into the concerns (concerns is a word every middle manager needs to use- a lot) you raised, and here are my findings". Don't be surprised if he never looks at your report, but at least you demonstrate that you listened to the substance of his tirade, and you care about the financial performance of the company.
Keep your ear to the ground and your resume up to date. He will not be changing his ways. You can adjust how you deal with it or look for another job.
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