Earnings calls and annual reports are crucial tools for assessing a company's performance and future outlook. An earnings call is a quarterly event where management discusses financial results and answers analyst questions. Key topics include revenue, profits, future guidance, operational updates, and market conditions. Listening to the tone, language, and clarity of answers can provide insight into management confidence. Annual reports, on the other hand, provide a comprehensive summary of the company’s performance over the financial year. They include financial statements (income statement, balance sheet, cash flow), management discussion and analysis (MD&A), notes to accounts, and auditor’s report. Investors read these to identify growth drivers, cost control measures, debt levels, and future plans. Scrutinizing these documents allows investors to make informed decisions, assess management quality, and detect red flags. Consistent study of these reports helps build long-term conviction in stock holdings.