According to @EricBalchunas, Jack Bogle argued that the quarterly earnings regime fosters creative accounting and elevates headline numbers over underlying business quality, a stance he reiterated across his books. source: Eric Balchunas X post dated Sep 16, 2025; John C. Bogle, The Clash of the Cultures (2012); John C. Bogle, Don’t Count on It! (2010) Empirical research shows managers often manage earnings to meet or beat short-term benchmarks, reinforcing Bogle’s warning about short-termism. source: Graham, Harvey, and Rajgopal, The Economic Implications of Corporate Financial Reporting (2005); Burgstahler and Dichev, Earnings Management to Avoid Earnings Decreases and Losses (1997) For trading, earnings announcements are linked to abnormal returns and elevated short-window volatility, increasing event risk and potential mispricings around report dates. source: Patell and Wolfson, The Intraday Speed of Adjustment of Stock Prices to Earnings and Dividend Announcements (1984) Because crypto and U.S. equities have exhibited higher co-movement since 2020, earnings-driven equity swings can transmit to BTC and ETH positioning, so monitoring earnings calendars can inform crypto risk management. source: IMF Global Financial Stability Note, Crypto Prices Move More in Sync With Stocks (Jan 2022); BIS Bulletin, Crypto shocks and spillovers (2022)

According to Eric Balchunas on Twitter, his recent discussion with Cedric provided in-depth insights into bitcoin ETFs, the broader fund industry, and essential takeaways for crypto intermediaries based on Jack Bogle's investment principles (source: Eric Balchunas Twitter, June 16, 2025). The conversation highlighted how the rise of bitcoin ETFs is reshaping access and liquidity in the crypto market, encouraging intermediaries to adopt transparency, low fees, and investor-centric approaches. These factors are expected to drive competitive advantages for platforms offering BTC products, making it crucial for traders to monitor fund industry trends and regulatory developments impacting bitcoin ETF liquidity and pricing.