From Josh Brown at The Reformed Broker:
A nonsense game we play on Wall Street – did such and such company meet or beat The Street? Or god forbid, did they miss? By a f***ing penny? Oh no!
Real businesses are not run this way off Wall Street. As the CEO and co-founder of a startup investment advisory, I’ve received the crash course of a lifetime in this stuff. I have yet to make a single decision that needed to reflect well inside of any given 90 day period. My partners and I are mapping out the next five years, at a minimum, every time we choose one course or another.
Here’s hedge fund legend Stanley Druckenmiller on why he likes Netflix’s style:
“I only heard 30 seconds of [Netflix CEO Reed Hastings] … but he said, ‘If you manage for quarterly earnings, you’re dead.’ Then somebody on CNBC says, ‘Well, it’s easy for him to say with a stock price like that.’ Well, why do you think he has a stock price like that? Because he thought about the long term and not cared about quarterly earnings and all this short-termism the whole time.”
More of his comments about Amazon etc at the link below.