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Brian,

I do exactly the same thing. It is very helpful to see if management teams have consistent in what they are doing or if they are changing the "story" because they are not being as successful. Helps understand their honesty and candor as well. I never look at a new company without reading at least the last four calls. I also like to read all of the companies in an industry all at once (Restaurants, hotel companies, E&P companies, gaming companies, etc.). You get a real feel for how management teams deal with the same issues and opportunities.

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Agreed. Transcripts are one of my favorite research tools. It is possible to read 1-5 years of transcripts chronologically and get a great sense of a company and its investment merits.

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