Health Care

Buffett Says Health Venture CEO Pick to Be Disclosed in Weeks

Buffett Says Health Venture CEO Pick to Be Disclosed in Weeks

Warren Buffett and Jamie Dimon, two of the most powerful leaders in the financial industry, have once again urged public companies to stop providing quarterly profit forecasts.

Dimon, chairman of the Business Roundtable, noted that the group of CEOs also support companies moving away from the practice and instead, focus on long-term value creation.

This combo of file photos shows Warren Buffett attending the Forbes 100th Anniversary Gala in New York on September 19, 2017, left, and JP Morgan Chase Chairman and CEO Jamie Dimon on the floor of the New York Stock Exchange on July 12, 2013.

"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", Buffett and Dimon wrote.

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The chestnut colt is trained by Hall of Fame trainer Bob Baffert and was ridden to victory by veteran jockey Mike Smith . The 150th running of the Belmont Stakes saw the three-year-old beat out stiff competition in Gronkowski and Hofburg .

Dimon, is chairman of the Business Roundtable, an association of almost 200 CEOs that is also backing the push to eliminate so-called short-termism. CEO Jamie Dimon appealed for radical changes to the way public companies disclose financial information. Missing "the number" can often result in big, short-term stock moves.

Earnings forecasts "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 Thursday in an interview with CNBC. "Short-term-oriented capital markets have discouraged companies with a longer-term view from going public at all, depriving the economy of innovation and opportunity", they said.

Dimon said that Schultz "would be a great chief executive or governor or senator or mayor or whatever he wants to do", but added that he's not sure that managing a business makes a person suitable for politics.

Proponents of the practice say it improves communications with investors and ultimately results in fewer, not more, wild swings in stock prices. An outsized emphasis on quarterly earnings per share projections undermines the importance of investments in infrastructure, workforce development and other crucial capital expenditures that drive sustained US economic growth.


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