Reading an earnings transcript is a whip and listening to an earnings call is even a bigger whip. If your interested in either for MKTX, TW and ICE then click here.
I have found that you can learn quite a bit by plugging a transcript into a word cloud generator. The following clouds are the prepared remarks for the MarketAxess and Tradeweb Q4 2019 earnings calls. My parameters for each cloud were the 50 most frequent words, mentioned at least 5 times and excluding common words.
Both calls had positive sentiment and reaffirm the growth story for TW, MKTX and ICE equity.
Total words - Tradeweb had 3602 words / MarketAxess had 2344
Words expressing positive sentiment :
Strong - Tradeweb had 11 mentions / MarketAxess had 3 mentions
Growth - Tradeweb had 30 mentions / MarketAxess had 14 mentions
Up - Tradeweb had 6 mentions / MarketAxess had 27 mentions
Increase - Tradeweb had 17 mentions / MarketAxess had 20 mentions
Pleased - Tradeweb had 3 mentions / MarketAxess had 3 mentions
Record - Tradeweb had 14 mentions / MarketAxess had 8 mentions
Growth, Up and Increase can also be applied to expenses.
Words that caught my attention:
Portfolio - Tradeweb had 11 mentions / MarketAxess had 1
Auto (mation, mated,-ex) - Tradeweb had 7 mentions / MarketAxess had 8
Algo or Algorithm - Tradeweb had 0 mentions / MarketAxess had 3
RFQ - Tradeweb had 5 mentions / MarketAxess had 0 mentions
ETF - Tradeweb had 10 mentions / MarketAxess had 0 mentions
Here are the top 50 words in the prepared remarks for the Tradeweb Q4 2019 Earnings Call.
Here are the top 50 words in the prepared remarks for the MarketAxess Q4 2019 Earnings Call.