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Value investor Bob Olstein: Quarterly earnings estimates by companies should be 'illegal'

Value investor Bob Olstein: Quarterly earnings estimates by companies should be 'illegal'

Finance
Noted value investor Bob Olstein is 100 percent behind the call by Warren Buffett and Jamie Dimon to end quarterly earnings guidance by companies. "They should make it illegal to make specific quarterly earnings estimates. It leads to nothing that is good. They manipulate earnings to reach it. They take their eye off the football," the chairman and chief investment officer at The Olstein Funds said Thursday on "Closing Bell." Buffett, chairman and CEO of Berkshire Hathaway, and Dimon, chairman and CEO of J.P. Morgan Chase, teamed up in a rare joint interview that aired on CNBC earlier in the day to explain their stance. ...