The inevitable path: earnings conference call Silly brother has nothing to do today. After listening to the earnings conference calls of several companies, Earning Call is also available. The earning call system is the most important disclosure system besides financial reports. The name Earning Call doesn't matter, it gives people the feeling of making money in a hurry. It sounds like I have gained a lot from it. Here are some insights to share: 1. Before listening, it is important to prepare and understand the market's most pressing concerns. For example, ASML's Q2 earnings conference call: Will the demand for DRAM and HBM related equipment continue to be revised upwards Has the expansion of production by Samsung, Hynix, and Micron been converted into real orders EUV and DUV order visibility Production capacity and delivery pace from 2027 to 2028 China's mature process demand Is the management concerned about customers placing duplicate orders or excessive capital expenditures These are all real factors that affect short-term stock prices 2. Originally, Silly Brother thought he could find clues through his tone and intonation It was found that the spokesperson spoke like a robot, hey. Usually it's a live voice broadcast, and these executives are like the sixth generation Without seeing facial expressions and body movements, one can escape a lot of scrutiny The CEO of Adobe talks about the impact of AI, just like talking about other people's affairs Although Adobe's stock price has been inflated by AI. 3. The quality of a conference call basically depends on what questions the analyst can ask Because the previous part is basically speaking numbers to three financial statements Then explain the reason in a vague and error prone manner. For example, what is the reason for the 25% increase in sales of ASML EUV? It is due to the driving force of customers' increasing demand for performance and productivity upgrades to meet their growing production capacity needs Like tongue twisters, the wheel talk Without delving into the details We can only rely on the cleverness of questioning. 4. Overall, listening to early calls is a relatively inefficient task A manuscript of over an hour, along with my own notes and thoughts It's gone in just 2 hours. Less than 10 minutes to read the summary draft But this is the only way to master the details It's a necessary path