
Annual Reports are Overrated
Quarterly Concalls are Underrated
Annual Reports, no doubt, contain a lot of useful information about the businesses you wish to study in depth. However, as Philip Fisher writes in his book, management often designs them in a way to build up stockholder goodwill. In that quest, the management always has the incentive to hide the facts from you if that is going to bring disrepute to the company’s image.
However, management cannot do so in case of a live quarterly investor call. When you face the best minds in the analyst and investor community of the country and answer their questions in real-time, you don’t have much scope. Plus, the quality of questions by some of the participants and management’s response to them help you understand a lot of nuances about the business which cannot be found in Annual Reports.
I am not advocating to stop reading annual reports. My only suggestion is to pay more attention to quarterly calls. The incremental knowledge per word in the case of a quarterly call transcript often (not always) will trump the incremental knowledge per word in the case of annual reports.
Hence, we at Smart Sync Services, religiously make crisp yet detailed notes of as many businesses as possible. 11 quarters ago, we started with 30-odd businesses. Today, we cover 72 businesses.
Here’s our 11th edition of quarterly results & conference call summaries (Q2FY23).
You can check the previous ten editions below:
You can see all the updates for the last several quarters arranged alphabetically here.
We have also enabled the PDF download option. So you may click on any business of your choice from here and get the last 10-15 quarters’ conference call notes in a single PDF.
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We have made a comprehensive 227-page report which covers Q2FY23 quarterly results and conference calls of 72 businesses across 18 sectors.
We hope it will add value to your research.
It helped us a great deal.
Check it out and let us know in the comments section.
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Happy Investing!