Is quarterly reporting too frequent? 🤔 The debate is back! While some say it drives short-termism, others argue it boosts transparency. Quarterly reporting dates back to the Great Depression when the SEC 1st mandated some reporting for transparency. By the 1970s, the 10Q was required. But whether a quarterly earnings cadence is aligned with long term strategy for a company is a good question (I don’t think it is). Semi-annual reports could reduce costs & encourage long-term growth. However, the UK tried both over the years. That showed moving from semi-annual to quarterly reporting increased analyst coverage, though smaller firms often reverted due to costs. And capex was the same in both periods. Our take: a hybrid approach with semi-annual deeper formal reports and lighter quarterly updates could work best.