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Buffett, Dimon and Bezos have a CEO for their health care venture

Buffett, Dimon and Bezos have a CEO for their health care venture

Dimon, chairman of the Business Roundtable, noted that the group of CEOs also support companies moving away from the practice and instead, focus on long-term value creation.

Buffett's Berkshire, along with Jamie Dimon's JPMorgan and Jeff Bezos's Amazon, said in late January that they planned to start a joint venture to improve health care for their workers.

Investor Warren Buffett and JP Morgan Chase CEO Jamie Dimon are encouraging public companies to stop predicting their quarterly earnings and focus on long-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 USA in the past two decades.

They argue that short-term guidance has encouraged companies to hold off on technology spending and hiring and research, and has even discouraged many private companies from going public at all.

Dimon, is chairman of the Business Roundtable, an association of almost 200 CEOs that is also backing the push to eliminate so-called short-termism.

It's "sending the wrong message", Buffett told CNBC's Becky Quick in the interview.

Securities laws require quarterly reports on profits, revenue and other information but do not require quarterly forecasts.

More than 100 million Americans invest in public companies directly or through mutual funds and millions more participate in corporate, public and union pension plans.

Dimon and Buffett noted that the pressure to meet short-term profit forecasts has contributed to a fall in the number of public companies in the U.S.in the past two decades, "depriving the economy of innovation and opportunity". Despite the short-term hit to results from the tax bill, chief executive Jamie Dimon hailed the measure as a boon for the USA economy."US companies will be more competitive globally, which will ultimately benefit all Americans", Dimon said in a news release. An outsized emphasis on quarterly earnings per share projections undermines the importance of investments in infrastructure, workforce development and other crucial capital expenditures that drive sustained US economic growth.

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