Berkshire Hathaway CEO Warren Buffett and JPMorgan Chase CEO Jamie Dimon encouraged businesses to end quarterly earnings forecasts that often encourage executives to think in the short-term, according to CNBC.
Mr. Dimon and Mr. Buffett said executives feel pressured to meet quarterly forecasts and take actions that may not be beneficial in the long term but may help them achieve projected earnings.
"Quarterly earnings, they're a function of the weather, commodity prices, volumes, competitor pricing. And you don't really control that as CEO," Mr. Dimon told CNBC.
Mr. Buffett said he doesn't give his companies these earning expectations because they are "sending the wrong message."
"When companies get where they're sort of living by so-called making the numbers, they do a lot of things that really are counter to the long-term interests of the business," Mr. Buffett told CNBC.