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Elliott's Singer agrees with Buffett, Dimon on profit guidance
09 June 2018, 10:11 | Austin Hogan
Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview in Omaha last month
"Public companies should be managed for long-term prosperity, not to meet the latest forecast".
Buffett and Dimon announced they are partnering with Business Roundtable, a group of roughly 200 CEOs of major US companies, to call on companies to consider eliminating quarterly guidance.
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"We think the president has raised some very critical issues about trade, especially with China, around state owned enterprises, fair competition, market access, the ability to own 100% of a company, and these things should be negotiated out and the Business Roundtable supports those issues", Dimon said.
Dimon is the chairman of the Business Roundtable, an association of CEOs of America's leading companies working to promote a thriving USA economy.
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It's "sending the wrong message", Buffett told CNBC's Becky Quick in the interview.
(FILES) This file photo taken on September 12, 2016 shows Jamie Dimon, chairman and CEO of JPMorgan Chase at the Economic Club of Washington, DC in Washington, DC.
Securities laws require quarterly reports on profits, revenue and other information but do not require quarterly forecasts. About 31 percent gave annual earnings-per-share guidance. Missing "the number" can often result in big, short-term stock moves.
Those in favor of guidance say it improves communications with Wall Street, reduces share price volatility and boosts a stock's value.
Companies often hold back spending on technology, hiring and research and development to meet quarterly earnings guidance that may be affected by factors outside the company's control, they wrote.
JPMorgan CEO Jamie Dimon, who has made negative comments about the cryptocurrency in the past, said during an interview Thursday with CNBC that while he doesn't want to be a "bitcoin spokesperson", buyers should "beware".
"Reducing or even eliminating quarterly earnings guidance won't, by itself, eliminate all short-term performance pressures that US public companies now face, but it would be a step in the right direction", Dimon and Buffett wrote.
The top executives, however, admitted that reducing or eliminating guidance won't alone eliminate all short-term performance pressures.
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