Wednesday, 26 September, 2018

Jamie Dimon, Warren Buffett urge CEOs to end quarterly earnings forecasts

Bitcoin Surprise Surprise! Jamie Dimon and Warren Buffet Still Don’t like Bitcoin Rick D Bitcoin Surprise Surprise! Jamie Dimon and Warren Buffet Still Don’t like Bitcoin Rick D
Laurie Berry | 09 June, 2018, 22:12

Executives often feel pressure to make quarterly forecasts, but "it can often 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 in a rare joint interview with Buffett airing Thursday on CNBC's Squawk Box .

Buffett told CNBC on Thursday that the CEO will probably be announced within two weeks.

Dimon, who leads the Business Roundtable, an association of chief executive officers of leading USA companies said the move is supported by the group, added the report.

Warren Buffett, Jeff Bezos and Jamie Dimon have picked a leader for their health care venture.

According to Buffett and Dimon, the focus of companies on short-term profits run counter to the long-term interests of the business.

President Trump Signs VA Mission Act, Valley Resident Present At Ceremony
President Donald Trump signed the VA Mission Act of 2018 which is created to expand healthcare access for veterans . The House voted 347-70 in favor of the bill and the Senate voted 92-5, sending the bill to the White House.

So they should stop the forecasting, the two men said.

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 Chase reported lower fourth-quarter earnings January 12, 2018 on weak trading revenues and one-time costs from USA tax reform, partly offset by gains from higher interest rates.Net income for the quarter ending December 31 was $4.2 billion, down 37 percent from the year-ago period.

Dimon said the Business Rountable has been quite clear that it doesn't think tariffs are the way to do it.

"Reducing or even eliminating quarterly earnings guidance won't, by itself, eliminate all short-term performance pressures that USA public companies now face, but it would be a step in the right direction", Dimon and Buffett wrote. The analysts take the company guidance into consideration when making investment recommendations and setting price targets for stocks. About 31 percent gave annual earnings-per-share guidance.

Proponents of the practice say it improves communications with investors and ultimately results in fewer, not more, wild swings in stock prices.

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