Reporting Frequency Debate - The debate over whether public companies should issue quarterly results has resurfaced, with discussions around potentially shifting to semi-annual (every six months) reporting [1] - The core of the debate revolves around balancing investor needs for frequent information against the potential for short-termism and the burden on companies [6][7] - A proposal suggests maintaining semi-annual reporting but requiring management to provide reports to shareholders, including internal Key Performance Indicators (KPIs), in the off quarters [8][9] - This approach aims to reduce company effort by 90% in off quarters while providing investors with over 90% of the benefit [10] Public vs Private Markets - While refining public market reporting is important, the bigger issue is the lack of disclosure in private markets [11][12] - There's a growing trend of retail investors participating in private markets with limited access to information compared to public markets [12][13] - A recommendation is to extend the proposed semi-annual management report, including KPIs, to private companies with over 100 shareholders to address information asymmetry [14] Earnings Guidance - Warren Buffett and Jamie Dimon previously advocated for ceasing earnings per share guidance to encourage a longer-term focus [3] - Despite the option to reduce quarterly guidance, many companies continue to provide it voluntarily [20][22] - Even if reporting shifts to semi-annual, many companies may still choose to provide quarterly reports and guidance [21][22]