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vegassports-odds.com June 23, 2018


Warren Buffett, Jamie Dimon: Quarterly profit forecasts hurt economy

10 June 2018, 09:26 | Winifred Adams

Both Buffett and Dimon have been outspoken about their sentiments on cryptos in the past

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"It can put a company in a position where management from the CEO down feels obligated to deliver earnings, and therefore may do things that they wouldn't otherwise have done", Dimon said.

Several big companies like AT&T, Coca Cola, Facebook and UPS have stopped issuing quarterly earnings guidance.

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.

As a result, corporations "frequently hold back on technology spending, hiring, and research and development" that would improve businesses' future growth, Buffett and Dimon say. Public companies owe it to all of them to get this right, they said.

Dimon said Thursday that about 20 percent of Business Roundtable members still do quarterly guidance and about 60 percent provide annual targets.

Buffett has never provided profit forecasts and doesn't even have an investor relations department at his Berkshire Hathaway conglomerate.

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"We've basically reached agreement", Buffett said.

In their op-ed piece, Buffett and Dimon argue that "effective long-term strategy drives economic growth and job creation" and that quarterly EPS guidance "often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability".

Dimon, Buffett and BlackRock Inc.'s Laurence D. Fink urged companies in 2016 to refrain from short-term earnings forecasts in a letter and report with other financial industry executives.

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".

The three corporate leaders said in January that their companies - Berkshire Hathaway, Amazon and JPMorgan Chase - would work together to give their combined 840,000 employees better health care choices.

There has been great interest in these companies' health initiative since it was announced early this year, but few details have been released so far.



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