BUD-LifX The Future, page-148

the idea is to project with conservatism to ensure shareholders are not misled.  that isnt deflation - it is prudence

this is the no 1 accepted wisdom among competent listed management teams. it why US just saw a huge array of earnings guidance downgrades - ceos are getting ahead of a falling growth curve to ensure investors can mark their shareh positions to market before the actual results land

almost certainly they will beat those downgraded forecasts - precisely because they err on side of the investors

the accurate forecasting of market and commercial outcomes is the no 1 competence of a ceo. 

the more they succeed in that the more of a following they get and the better their shares do

those who fail in this regard become prone to 'the boy who cried wolf' psychology - when they actually do have something - no one listens