Two of Wall Street's harshest bitcoin critics are once again warning investors of the dangers of bitcoin.
On Thursday morning, the Business Roundtable which includes CEOs of USA companies with more than 16 million employees and more than $7 trillion in annual revenues, weighed in supporting the proposal.
It's "sending the wrong message", Buffett told CNBC's Becky Quick in the interview. "We are encouraging all public companies to consider moving away from providing quarterly earnings-per-share guidance".
Warren Buffett and business friend Jamie Dimon argued Thursday that publicly traded businesses can damage their long-term growth and hurt their shareholders by forecasting their earnings every three months and then making short-term decisions to "make the number".
Dimon has blasted excessive reporting requirements and the short-term focus of quarterly earnings.
(FILES) This file photo taken on September 12, 2016 shows Jamie Dimon, chairman and CEO of JPMorgan Chase at the Economic Club of Washington, DC in Washington, DC. "Public guidance was the fix for many companies". Dimon said he could generate hundreds of millions of revenue for the bank by agreeing to some interest rate swaps.
When the actual earnings results are officially reported, so-called beats - or profit results that top expectations - are often rewarded with a rise in the stock price.
However, those favouring the practice vouch that it improves communications with Wall Street, reduces share price volatility and boosts a stock's value, the report said.
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.
In the op-ed, Dimon and Buffett said the pressure to meet short-term earnings estimates has contributed to a drop in the number of public companies in the U.S. in the past two decades.
Dimon said Thursday that about 20 percent of Business Roundtable members still do quarterly guidance and about 60 percent provide annual targets.