1. 1. There is NOT a word for word recitation of the ever expanding mostly made-up laundry list of disclaimers to start an earnings call. Note “there is risk” and refer investors to the 10K and your website.
   2. The CEO does not read the entire press release to start an earnings call.
   3. The CFO does not recite the entire press release and income statement in greater detail. WE CAN READ AND COUNT TO TEN.
   4. The CEO spends the time to write a shareholder letter, the CFO has a financial supplement, and it all gets put online before the call. Each has 3 bullet points to emphasize to start an earnings call. Elapsed time – 6 minutes. “And now let’s take your questions.”
   5. A belated recognition that there is NOT a regulatory requirement for a “quiet period.” Why are you paying an IR person to take off 45 days a quarter? It never ceases to amaze me that a company whose stock is down 70% over 3 years won’t take a random call from an interested and serious investor because it’s their quiet period. Happens ALL THE TIME.
   6. The Board of Directors wakes up and asks – I wonder if we should talk to someone who isn’t a C-level executive from the company? I have encountered a handful of companies who designate a Board member to canvas their largest shareholders once a year about “life as they see it” without the CEO present. Genius move.
   7. A CEO wakes up and says out loud: “We simply don’t have a business model that reliably give you near term guidance. So we aren’t.”

We will get to the Board of Director’s dream list next.