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

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Despite the short-term hit to results from the tax bill, chief executive Jamie Dimon hailed the measure as a boon for the United States economy."US companies will be more competitive globally, which will ultimately benefit all Americans", Dimon said in a news release.

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. "We're just tidying up a couple of things".

"We have an outstanding individual - character, culture, capability, heart, mind, the whole thing", Dimon said Thursday on CNBC.

Dimon is the chairman of the Business Roundtable, an association of CEOs of America's leading companies working to promote a thriving US economy. As a result, corporations "frequently hold back on technology spending, hiring, and research and development" that would improve businesses' future growth, Buffett and Dimon say.

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Neither Buffett and Dimon nor the Business Roundtable is arguing against quarterly or annual reports from public companies.

Quarterly results are influenced by the weather, commodity prices and other factors beyond the control of CEOs, Dimon said.

Buffett has never provided profit forecasts and doesn't even have an investor relations department at his Berkshire Hathaway conglomerate.

In their op-ed piece, Buffett and Dimon argue that "effective long-term strategy drives economic growth and job creation" and that quarterly EPS guidance "often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability". "We should have an announcement on that matter within maybe two weeks".

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Many CEOs who take part in the common practice of providing Wall Street estimates of how much money their companies will make often feel "pressure" to meet those quarterly forecasts.

Berkshire Hathaway is also working with JP Morgan and Amazon to find ways to reduce health care costs for the three companies.

There has been great interest in these companies' health initiative since it was announced early this year, but few details have been released so far.

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