Thursday, 16 August, 2018

Buffett, Dimon and Bezos have a CEO for their health care venture

Jamie Dimon, Warren Buffett urge CEOs to end quarterly earnings forecasts Warren Buffett and Jamie Dimon Tell Investors “Beware” of Bitcoin in CNBC Interview
Elsie Buchanan | 09 June, 2018, 23:17

The pressure to meet short-term estimates has contributed to a fall in the number of US public companies, wrote Buffett, chairman of Berkshire Hathaway Inc (BRKa.N), and Dimon, who is also the chairman of top executives' lobbying group Business Roundtable, in an article on Wednesday.

"In our experience, quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability", they wrote.

"Public companies should be managed for long-term prosperity, not to meet the latest forecast".

Dimon said companies might forego investments they should make in their business, such as marketing, hiring or research, in order to hit short-term goals.

Several big companies like AT&T, Coca Cola, Facebook and UPS have stopped issuing quarterly earnings guidance. That's not too surprising given the Dimon is now the chair of the Business Roundtable.

FILE PHOTO: Jamie Dimon, CEO of JPMorgan Chase, takes part in a panel discussion about investing in Detroit during a panel discussion at the Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., April 11, 2018. JPMorgan Chase reported lower fourth-quarter earnings January 12, 2018 on weak trading revenues and one-time costs from U.S. 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. They offered "common-sense" recommendations for public companies to improve governance and relations with shareholders.

BlackBerry goes back to QWERTY with new KEY2 device
You also have your choice between 64 or 128GB of internal storage , both of which can be upgraded to 256GB via a microSD card. As a reference, the previous BlackBerry KEYone was launched in Malaysia for RM2,688 with 6% GST.


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

One of the principles outlined in that report said companies shouldn't feel obligated to give quarterly guidance, which for years many have blamed for making executives obsessed with short-term results.

But McKinsey & Co. found in a 2006 study that quarterly guidance didn't affect valuation multiples and didn't reduce share price volatility.

But Buffett says the practice of CEOs providing a heads-up on how earnings-per-share results are shaping up often causes them to make poor decisions to ensure that the company beats or meets the results they've communicated to Wall Street.

Both men said they still want companies to release detailed quarterly and annual financial data, so investors can evaluate them.

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