Most Memorable Earnings Call

Cliffs Natural Resources from a few years back...

• Analyst with a sell on the stock thanks the CEO for taking his question
• CEO: "I appreciate you saying thank you for taking your question, but I'm not going to answer your question because you already know everything about my company"
• CEO: "You have a $4 price target and you think we can't sell assets, so I'm going to take the next question, I'm not going to answer you"
• 操作员转到下一个问题

操作员：
We will now take a question from Bruce Wayne with Wayne Enterprises. Please go ahead.

Bruce Wayne – Wayne Enterprises – Analyst:
Hello? Hello there.

Lars Bethuelsen – Archer Limited – SVP, M&A and IR:
Hello, Bruce. We can hear you.

Bruce Wayne – Wayne Enterprises – Analyst:
你好呀。这是布鲁斯·韦恩。我要问你们。因此，考虑到您的财务状况，我想知道您是否愿意投资我正在开发的某些技术。

Christoph Bausch - Archer Limited - CFO：
I think we will still find money if we find the right technology to invest in. I think we have a very good, on the Oil Tools side of the business, internal R&D team and so the investment is - should also be looked upon as just attracting talented engineers to continue that run.

Bruce Wayne – Wayne Enterprises – Analyst:
Do you feel that you have engineers that can work my specifications, because I'm facing super-villains, so I need specific technical expertise.

Christoph Bausch - Archer Limited - CFO：
I'm a little bit - there's a big echo on the line. I'm sorry, can you repeat the question?

Bruce Wayne – Wayne Enterprises – Analyst:
No, what it is is that a lot of my technology was damaged. I was obviously recently in battles with Bane, the Joker, so I just want to know if you guys can invest in some technology I'm developing.

Christoph Bausch - Archer Limited - CFO：
Okay, Bruce, we are currently investing currently in technology in Oil Tools and in Wireline. We have various technologies where we've invested overacouple of years and we will continue to do so going forward. Bertrand, can you move on to the next caller, please?

lmao这些很有趣，请让他们来

Safe to say Elon's clown show this week can be added to this list

大卫·爱因霍恩（David Einhorn）关于康宝莱电话的问题是致命的

http://www.businessinsider.com/david-einhorn-herbalife-2012-5

One memorable moment was when Best Buy CEO Hubert Joly, in a sad attempt to boost earnings, mentioned he would be buying a drone from Best Buy and that the other analysts should to.

不是particularly memorable by street standards, but memorable for me. I was on-site at a biotech client's office and we were listening in on the earnings call where they revealed they had catastrophically missed guidance and their stock dropped 60%during the call(and this was a ~$6B market cap company).

People were crying, all work ground to a halt, it was a mess. I imagine there were earnings calls during the GFC when the sky fell that had similar consequences, but this one was wild to experience.

Operator
Your next question comes from Charles [Naberg] of Morgan Stanley. Please go ahead.

Charles Naberg - Morgan Stanley - Analyst
Hi, guys. Nice quarter. Had a quick question on Lanigan. How is that progressing? Is it still on time for the middle of this year –

or this coming year, excuse me, middle of '08? And can you remind me about what the size of that addition is going to be?

Bill Doyle - Potash Corporation of Saskatchewan Inc. - President and CEO
Yes Charlie, to answer your question, what I would tell you is that Lanigan is 1.5 million tons. It's on budget and on time for next

年。您知道，从本质上讲，大块是磨坊。因此，我们看到根据计划的进展。你知道，我读了你的

first entree this week into the potash world. First I would say welcome to the fertilizer world and I did have just a couple comments,

Charlie, just because I never have a problem with anyone's call, you make whatever call you want, but some of the factual

在formation in your report was a little bit suspect and I would say the – you know, the comment about Potash Corporation

abandoning our discipline and I don't know what the line was, something about us being out for pizza or doughnuts or – it was

可爱，但是如果您遵循公司的历史，您在过去20年中拥有相同的管理团队，如果您检查

back and do a little research on us, you'll find that we have always matched supply to demand and it's not how you – how much

capacity you have, it's how you operate that capacity, Charlie. And the other thing I would say is that you know, you referred

将钾盐采矿作为高固定成本业务。钾盐采矿不是高固定成本业务。你知道，我们可以躺

和关闭操作。我们所做的,for years and years when the time required it.

Unlike our phosphate business, which is a high fixed cost business, because you've got to keep that operation hot, so-to-speak.

You've got sulfuric acid plans, you've got to keep your water pumping capability in the mine site. You just really can't shut that

down. So, there is a difference there that we would be happy to try and explain to you in the future. Our earnings being highly

dependent on biofuels, three quarters of the new demand growth in our business is food demand. We've tried to talk about

that at every stage and what I would really suggest to you, I think you know, you covered a little bit on the supply side. You

didn't talk at all about the demand end. And I would say go out, visit India, pick any five cities, China, any five cities, and you'll

看到对食物的需求，这是一个非常非常真实的问题。您知道，其他关于消费者银行库存的评论
在2008年春季之前，这是不可能的。只是不是那里的库存，每个人都在这

时间。

So I would say you know, overall less than a distinguished effort but the good news is that there is nothing but up side

for you for the next go round.

Jamie got a little heavy on the politics at the start but its funny how he said its sometimes an embarrassment being from US

The casino guys can be great. Steve Wynn ranting about politics and grisly old Sheldon Adelson. Tesla is a joke.

Big earnings call pet peeve is when these sell-side guys jump onto the call from another call to ask a question and then the question they ask was literally just asked like 2 minutes before. Very annoying how much sell-side cares about "showing face" and asking a question on every call. Like my analyst gets pissed as hell when they don't take his question. "Did you call in 60 minutes before the call starts and press for a question?" Like ridiculous the stuff we do to try to get first question on the call.

Or when the company has a normal or even a bad quarter and they all get on and are like "great quarter guys" l

Also hate when they ask questions about super minute details. "I know you were planning to build a billboard at one of your hotel properties that could bring in 20k of revenue per year, can you update us on the timing of that"

你在开玩笑吧老兄你想不出什么吗estions that matter more than the timing of 0.01% of annual revenue. Like are you really modeling in a freakin billboard gtfo.

Sorry for rant. I had to get my earnings call frustrations out.

Overstock CEO Patrick Byrne in 2005 - Involving "Sith lords", CEO cocaine use, and open speculation on the CEO's sexuality.

2005年，Overstock的股票陷入困境，其首席执行官帕特里克·伯恩（Patrick Byrne）决定举行电话会议，以宣布股票为何自由落体。这就是结果：

First (this is actually the most uninteresting part), Byrne has to explain why he is not money laundering for al-qaeda in response to a recent white paper accusation.

Kevin Ingram was a prominent fellow in the late 1990's in Wall Street. He left Wall Street, started a dot com. I think it was crashing. He got caught attempting to sell Stinger missiles or obtain Stinger missiles for some Pakistani ISI agent, who turned out to be undercover feds. In fact, he agreed to work on obtaining a nuclear trigger for them. So he went to the pen for a few years. He's out now and he's basically a gopher for some of these folks...

And somebody, a politically connected investor with the hedge funds calls up the SEC or the DOJ and says hey, you know, "Listen I was just having breakfast with George and Laura and they sends their regards. And by the way, I know a guy on Wall Street who's come across something you really need to take a look at." And so then one of the hedge funds goes in, sends somebody in with this white paper and they try to get an investigation started. That's how the basic system works...

他们把它变成了一张白皮书，说伯恩被绑在基地组织，恐怖主义和洗钱，你应该看着这个人...

Then, he gives a vaguely antisemitic tirade about a "miscreants ball" orchestrating a short position on his stock.

我叫这个故事，我要告诉你，不幸的球。

[狙击]

I'm going to talk about, I'll call it the Not Necessarily Miscreants' Ball.

[狙击]

And here's the funny part. As this went on I started realizing that there was actually some more orchestration here being provided, by what I'm calling here is the Sith Lord or the mastermind. Now, can I tell you who that designated bottom feeder was who was supposed to end up with our company? Can I tell you? I can. But I'm not going to today. The Sith Lord is, can I tell you who that is? Well, I could tell you it's a name that everybody on the phone, every single person on the phone would recognize this person's name. He's one of the master criminals from the 1980s, and he's back in business. But I'm not going to. I'll just call him the master mind today.

So that's the system. Now people may say Byrne, you're being paranoid and whatever.

Further, Byrne accuses short seller Carol Remond of accusing Byrne of participating in a "Gay bathhouse cabal".

By the way, Carol Remond has something stuck in her craw about the fact, most people I think understood that when I said "those I took baths with" to mean like my cousins and brothers, whatever, girlfriends. She's calling around and saying that there's a, Byrne has a gay bathhouse cabal and that's where this has been organized. Something about the whole bath reference has steamed Carol. My theory is it's because she's French…

伯恩然后感觉需要确保每个人knows that he himself is not gay, but then makes sure to give no offense to gays. In the midst of this explanation, he says he is sure that Carol is the one behind the Gay Bathhouse Cabal rumors because in a sting operation, he started a rumor ON HIMSELF that he was a "coke head".

I put information down there that I was gay. And…I put information down that I was a coke head. Now my apologies to my gay friends, both within and without, outside the company, I don't mean to equate the two. I don't care. I'm a libertarian and I don't care at all. In fact I don't give a hoot if anyone thinks I'm gay, but I thought that by keeping, by putting that information down on one channel and putting the coke head information down the other channel, I would then know if it leaked…

Of course, Byrne now has to clarify that he does not in fact, do coke.

On the coke head thing, and by the way, I've never, with one exception, I've never even seen cocaine in my life so in case you're wondering, no, I'm not a coke head...

But Byrne cant help himself and then decides to describe his sting

I made something up. I said, "I'm going to Venezuela, I'm going to need some bodyguards." Well, there's no way he could really say no. And he's a fine guy. I mean, I don't envy him. So I went in to see him and he met me, brought a witness and my guess is he was taping it...

Byrne, realizing he might sound insane at this point, clarifies with the following:

So that's where we are. You may think I'm nuts…. If you think I'm nuts about all this, just ignore. Just ignore me. Just don't do anything about it...

Byrne decides to end his monologue with this threat against the sith lord set against him:
Did I stutter? Did I stutter or did I say I was going to take this fight to you? Well now you know what I meant. And lastly, the man I've identified here as the Sith Lord of this stuff I just say, you know who you are and I hope that this is worth it, because if the feds catch you again, this time they're going to bury you under the prison. And I'm going to enjoy helping.

这是在2005年，所以您将很难找到实际的音频，但是可以从这里抓住可用的公共部分成绩单：1 2 3

**从reddit重新发布，但金**

I loved this one at FCAU's Q3 Earnings Call

Adam Michael Jonas, Morgan Stanley

Okay. Sergio, this is your last year, last full year. What do you want to be remembered for?

Sergio Marchionne, CEO & Executive Director

Being able to answer your questions, Adam.

Adam Michael Jonas,

All right. Then let me finish with something real quick and we'll move on. You -- back in 2004, when you were first introduced to the auto industry, a lot of people were thinking, who the hell is this guy, right? I was one of them, frankly. We hadn't seen anything like you. You took EUR 2 billion, roughly, and you turned it into, I think, around EUR 72 billion. And more important than that, there are many hundreds of thousands of families across many nations that are better off because of you and your team. And you beat the skeptics every step of the way. So I just had to say, God bless you, Sergio. We're never going to see anyone like you again. I don't care what people on this call think of me for saying that. I don't care at all. I just had to say that. Thanks again.

Sergio Marchionne, CEO & Executive Director

Thanks, Adam.

- -

SMG's CEO just had a nice rant yesterday with all kinds of profanities and said "dude" a lot.

OG frontpoint call:

Since the site isn't loading it properly: "https://www.youtube.com/watch?v=Sb0FE-xl_lY"

Starting with "yeah, hi" is such a strong start and you just know it's going downhill from there. Steve Eisman chose violence on this one.

.

there was a RICK call a while back that was pretty entertaining

I thought Great Canadian Gamings call after the announced the takeover from apollo was pretty hilarious. Ended with some hedge fund guy telling the CEO that that they will find a new ceo who will do right by shareholders etc, some colorful language.