Founder and author @ericries says public companies that report quarterly tend to be 5% less valuable than those that report semiannually, based on data from other countries. "It's not because the effort to do a quarterly report is expensive (although it is expensive and annoying). Rather, they start to run the company for the quarterly report." "So companies no longer make products. They start to view the quarterly report as the product. Which means they're basically meme factories — 'What do…