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)