Paul Singer, founder of Elliott Management, said he agrees with Jamie Dimon and Warren Buffett.
Buffett, the CEO of Berkshire Hathaway Inc. (BRK.A) - Get Report (BRK.B) - Get Report , and Dimon, the CEO of JPMorgan Chase & Co. (JPM) - Get Report penned an op-ed in The Wall Street Journal on Thursday, June 7, that said they don't believe quarterly earnings forecasts benefit companies, because they introduce short-termism into the market.
Singer, at TheDeal's Corporate Governance conference on Thursday, said that he agrees with the two business moguls.
TheStreet's executive editor, Brian Sozzi, also had an opinion on Buffett and Dimon's op-ed but said they should take it one step further. Sozzi said that quarterly earnings reports should be done away with for good, replaced by semiannual events.
"The quarterly earnings process is a joke -- it costs tons, and is focused squarely on driving trading profits for banks and three-minute live segments for business TV networks (which support advertising for bitcoin and options trading upstarts). Quarterly earnings aren't beneficial to long-term investing, which is how one should be thinking as a means to drive lasting wealth<' Sozzi wrote.
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