Health Care

Elliott's Singer agrees with Buffett, Dimon on profit guidance

Elliott's Singer agrees with Buffett, Dimon on profit guidance”

Warren Buffett has joined forces with Chairman and CEO of J P Morgan Chase Jamie Dimon to convince chief executive officers to end the practice of quarterly profit forecasts, reported CNBC.

It is a long-simmering debate but one that has gotten more attention in an era when activist investors are more vocal about pushing companies to deliver on their promises. "We're hoping a bunch of companies drop it right away".

"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. Making a forecast, and then hitting the target, are seen as a way to manage expectations and eliminate volatility.

Investor Warren Buffett gestures on stage during a conversation with CNBC's Becky Quick, at a national conference sponsored by the Purpose Built Communities group that Buffett supports, in Omaha, Neb., Tuesday, Oct. 3, 2017, Buffett discussed what philanthropy can do to help fight poverty.

In the interview, the two businessmen were asked who hated bitcoin the most and Buffet started off by saying jokey: "I set a high a high standard, I don't know whether Jamie can top me or not". JPMorgan Chase reported lower fourth-quarter earnings January 12, 2018 on weak trading revenues and one-time costs from United States 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. The only significant benefit it observed was an increase in trading volumes, which is good for day traders but not useful for most other people. They have said the practice of telling Wall Street what to expect from earnings can distort management's priorities. At JPMorgan's investor day in February, he called on companies to stop providing the guidance, saying earnings are hard to predict and companies have an incentive to fudge numbers. About 31 percent gave annual earnings-per-share guidance. But, he added, taking a stand on the issue is "a first step".

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