"Reducing or even eliminating quarterly earnings guidance won't, by itself, eliminate all short-term performance pressures that US public companies now face, but it would be a step in the right direction", Dimon and Buffett wrote.
Dimon, who also leads the Business Roundtable group, and Buffett co-wrote an article about why they think quarterly profit forecasts are hurting the economy.
"Public companies should be managed for long-term prosperity, not to meet the latest forecast".
Companies often hold back spending on technology, hiring and research and development to meet quarterly earnings guidance that may be affected by factors outside the company's control, they wrote.
Investors Buffett and Dimon are encouraging public companies to stop predicting their quarterly earnings and focus on long-term goals.
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Dimon is the chairman of the Business Roundtable, an association of CEOs of America's leading companies working to promote a thriving US economy.
FILE PHOTO: Jamie Dimon, CEO of JPMorgan Chase, takes part in a panel discussion about investing in Detroit during a panel discussion at the Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., April 11, 2018.
Dimon has blasted excessive reporting requirements and the short-term focus of quarterly earnings. Without company guidance, analysts' estimates are likely to vary more, making share prices more volatile at the same time that estimates become less valuable to investors and, horror, not worth paying for.
When the actual earnings results are officially reported, so-called beats - or profit results that top expectations - are often rewarded with a rise in the stock price. About 31 percent gave annual earnings-per-share guidance. 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.