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Mark Mitchell

Actually, the Chamber of Commerce president was talking about quarterly guidance AND quarterly earnings. He is quoted in the Washington Post article as follows:

"Warren Buffett and others have very publicly voiced concern about this focus on quarterly earnings and, in particular, guidance about future" earnings per share, he said. "But they speak for themselves and their companies. As the head of the nation's largest business organization, I can tell you that CEO frustration with earnings expectations is widespread and rapidly growing."

The point is that the media relentlessly focuses on quarterly earnings at the expense of serious analysis of a company's financial well-being, and it does this largely because it spends too much time talking to fund managers and traders. The measure of a company's health is its potential for long-term growth, not whether it happened to have spent more or less in a given three-month period.

Mark Mitchell
CJR Daily
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