So I’ve already listened to more than a couple of quarterly conference calls in the past two weeks. I’ve come to dread the question and answer session at the end of the call for a few reasons.
First, the only people who are asking questions are the sell-side analysts whose only concern is getting the detailed, nitty-gritty information so they can tweak their model to produce a more accurate estimate of the earnings for next quarter. And their model is only going to be accurate by a couple of pennies at most it seems. If you want to get the perspective of someone who is not interested in owning a stock like they own a business, just listen to a sell-side analyst’s questions. It can get boring as hell listening to this part of the conference call because the sell-side rarely adds to your understanding of the company and of the business or industry.
Finally, nearly every sell-sider is asking if management can add some color to some aspect of the press release or quarterly report. Can you add some color to that? What they really are asking is if you can add some detail, but what actually is happening is torture by cliché.
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