As someone who pulled more than one all-nighter preparing for quarterly earnings reports, I learned to detest the process. But there was no doubt in my mind then or now that it’s an absolute necessity. Quarterly reporting, along with annual reports and shareowner meetings, are among the legal necessities that help maintain a business’s credibility in a competitive marketplace. They aren’t always successful. The people I worked with spent years chasing Worldcom’s results, until they discovered they were a complete fraud. But reporting results on a regular basis is a giant step in the right direction. And the more often a business has to take that step, the more valuable it becomes. Reducing reporting by a half would be a step in the wrong direction and a serious mistake. Do not do away with quarterly earnings reporting.