Beware of Short-term Management, Not the Short-term Investor

Harvard Business Review

The short-term investor does not reduce the firm's long-term competitiveness and value;short-term management does. Moreover, I fail to see any argument why such short-term traders, by themselves, destroy value for the economy as a whole. Indirectly though, these short-term traders can destroy value. A firm's long-term value should correspond to the present value of future expected cash flows.