Jamie Dimon: Tariffs Aren't the Way to Go

09 June, 2018, 22:13 | Author: Mary Valdez
  • Bitcoin Surprise Surprise! Jamie Dimon and Warren Buffet Still Don’t like Bitcoin Rick D

In the latest appeal, they said companies often hesitate to spend on technology, hiring, and research and development to meet quarterly earnings forecasts that can be affected by seasonal factors beyond their control.

In an interview earlier today on CNBC, Warren Buffett and Jamie Dimon told viewers to "beware" of bitcoin.

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.

Buffett, chairman and CEO of Berkshire Hathaway Inc., and Dimon, chairman and CEO of J.P. Morgan Chase & Co., said in a joint Wall Street Journal editorial that they are encouraging all public companies to move away from the practice.

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

The two men are among the financial industry's most powerful leaders.

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"I have seen managements. get tempted by the predictions that they've made", Buffett said. Around that time, big companies like Coca Cola, UPS and AT&T said they would no longer give quarterly guidance.

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

Buffett and Dimon also blamed the practice for contributing to the decline in the number of public companies in the US over the past 20 years. The analysts take the company guidance into consideration when making investment recommendations and setting price targets for stocks.

"We think the president has raised some very critical issues about trade, especially with China, around state owned enterprises, fair competition, market access, the ability to own 100% of a company, and these things should be negotiated out and the Business Roundtable supports those issues", Dimon said.

"It can 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.

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