Trump's right. Four times a year is too much. Management gets very distracted. They lose, I would say, two weeks of work a year. Auditors get paid fortunes and are dead weight loss to the bottom line.
Most important, management has to readjust and come up with new forecasts constantly and then deal with the conference calls and the "off-lines" and the endless peppering by people who may not know enough to pepper.
Now I am disagreeing with the late Andy Grove here. Yes, the legendary former CEO of Intel (INTC) gave a lot of thought, in "Only the Paranoid Survive", to the concept of the need to hold management's feet to the fire on a quarterly basis.
My take is that I am not saying boards should give less of a review than they do. I like the pressure from the boards.
But a lot of money is spent doing these quarterly reports and that money could be spent hiring people or expanding instead of talking and huddling in endless meetings writing scripts and readying for a Q & A.
I am surprised that Trump, who never ran a public company, has such a sympathetic and, for a tweeter at least, nuanced attitude toward what is truly one of the most wasteful things public companies do.
It would be a godsend.