The Ledger
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Williamson: Long-term companies outperform generally but suffer steeper crisis drawdowns
“If you look at how long-term companies have behaved, long-term companies on a number of financial metrics, versus how short-term companies have behaved, what you see is that long-term companies outperform in terms of revenue, profitability, share appreciation,…”
Williamson: Quarterly guidance does not reduce volatility or boost valuation
“A lot of people believe it lowers volatility of the stock. That's not true. Or increases valuation, the credibility premium, yet that doesn't exist.”
Williamson: Only 27.5% of US public companies issue quarterly earnings guidance
“The first is, it's not a phenomenon in most countries. It's a U.S. Phenomenon, but even in this country, it's down to about 27 and a half percent of companies actually issue quarterly guidance, so it's a minority practice.”
Williamson: Average realized duration of US CEO compensation is just 1.5 years
“The longer compensation leads to longer term behavior, but that the average duration of CEO compensation, realized duration in this country is about a year and a half.”
Williamson: Amazon board documents explicitly define duty to long-term share owners
“Amazon's board, Amazon is often quoted as a very long-term company, actually explicitly has in their corporate governance documents that their responsibility is to what they call the long-term share owner, and so they don't get themselves into this who's our d…”