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“Today, it seems to be regarded as the duty of CEOs to make the stock go up. This leads to all sorts of foolish behavior. We want to tell it like it is.” - Charlie Munger https://t.co/zxKUsdoHWZ
One takeaway from DB after parsing commentary from 130 earnings calls: "Companies continue to cite a tough macro backdrop but several now see signs of a turn up emerging"
Corporate America is trying to temper investors' high expectations, w/executives striking cautious tones in their outlooks. Among the US firms that provided guidance last month, more than a third issued estimates that trailed analysts’ expectations, the most since March 2023,… https://t.co/goKFOVhyQD
Corporate America executives are cautious in their outlooks to manage investor expectations as companies strive to reduce high expectations. Only 40% of firms issuing guidance this earnings season exceeded analysts' expectations, according to Bank of America Corp. Some US firms issued estimates below analysts' expectations, the most since March 2023.