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.
Both men said they still want companies to release detailed quarterly and annual financial data, so investors can evaluate them.
One of the principles outlined in that report said companies shouldn't feel obligated to give quarterly guidance, which for years many have blamed for making executives obsessed with short-term results. "Such short-termism is unhealthy for America's public companies and financial markets - which are critical to economic growth and financial prosperity", Business Roundtable said in a statement.
Argentina cancel trip to Israel - Higuain
Argentina's controversial friendly against Israel has been suspended after threats towards Lionel Messi and waves of protests. Argentina have cancelled their final World Cup warmup match against Israel , striker Gonzalo Higuain said on Tuesday.
Buffett and Dimon also blamed the practice for contributing to the decline in the number of public companies in the USA over the past 20 years.
Buffett and Dimon started down this path in 2016 with a document called Commonsense Corporate Governance Principles that included recommendations for "truly" independent corporate boards of directors and "constructive engagement" between corporate management and shareholders, as well as eliminating quarterly EPS guidance.
"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", Buffett said.
Dimon said the Business Rountable has been quite clear that it doesn't think tariffs are the way to do it.
"I've never seen a company whose performance has improved by having some forecast out there by the CEO that we're going to earn X", Buffett said. "Public guidance was the fix for many companies". In an interview earlier today on CNBC, Warren Buffett and Jamie Dimon told viewers to "beware" of bitcoin.