Subtext

W. R. Berkley Corporation WRB

SectorFinancials
Transcripts25
Date range2019-04-23 – 2025-04-21
Calls charted25

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-10-5+0+5+102019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · Overall: +1.32019 Q2 · Overall: +3.82019 Q3 · Overall: -4.92019 Q4 · Overall: -2.32020 Q1 · Overall: -8.42020 Q2 · Overall: -8.72020 Q3 · Overall: -2.92020 Q4 · Overall: -9.02021 Q1 · Overall: +0.32021 Q2 · Overall: -4.52021 Q3 · Overall: -0.32021 Q4 · Overall: -0.22022 Q1 · Overall: +1.02022 Q2 · Overall: -2.12022 Q3 · Overall: -2.62022 Q4 · Overall: -1.72023 Q1 · Overall: -5.92023 Q2 · Overall: -6.22023 Q3 · Overall: +0.12023 Q4 · Overall: +5.72024 Q1 · Overall: +2.92024 Q2 · Overall: -1.92024 Q3 · Overall: -4.02024 Q4 · Overall: +2.72025 Q1 · Overall: +0.4
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-19-10+0+10+192019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · CFO: +4.42019 Q2 · CFO: +8.62019 Q3 · CFO: -2.62019 Q4 · CFO: -3.32020 Q1 · CFO: -16.12020 Q2 · CFO: -16.92020 Q3 · CFO: -10.22020 Q4 · CFO: -3.12021 Q1 · CFO: -0.92021 Q3 · CFO: +7.22021 Q4 · CFO: +4.62022 Q1 · CFO: +9.82022 Q2 · CFO: -13.32022 Q3 · CFO: -11.02022 Q4 · CFO: -0.12023 Q1 · CFO: -4.32023 Q2 · CFO: -1.72023 Q3 · CFO: -10.32023 Q4 · CFO: +8.62024 Q1 · CFO: +4.02024 Q2 · CFO: +1.42024 Q3 · CFO: -1.92024 Q4 · CFO: +4.2
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-14-7+0+7+142019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1 · Prepared remarks: +3.82019 Q2 · Prepared remarks: +10.52019 Q3 · Prepared remarks: -2.52019 Q4 · Prepared remarks: -0.72020 Q1 · Prepared remarks: -12.22020 Q2 · Prepared remarks: -8.02020 Q3 · Prepared remarks: -3.52020 Q4 · Prepared remarks: -1.02021 Q1 · Prepared remarks: +4.02021 Q2 · Prepared remarks: +0.42021 Q3 · Prepared remarks: +2.72021 Q4 · Prepared remarks: +7.72022 Q1 · Prepared remarks: +11.02022 Q2 · Prepared remarks: +0.02022 Q3 · Prepared remarks: -3.02022 Q4 · Prepared remarks: -0.52023 Q1 · Prepared remarks: -7.22023 Q2 · Prepared remarks: -3.92023 Q3 · Prepared remarks: +1.52023 Q4 · Prepared remarks: +5.32024 Q1 · Prepared remarks: +5.72024 Q2 · Prepared remarks: -2.42024 Q3 · Prepared remarks: -2.72024 Q4 · Prepared remarks: +2.02025 Q1 · Prepared remarks: +4.72019 Q1 · Q&A responses: +4.12019 Q2 · Q&A responses: +2.32019 Q3 · Q&A responses: -2.72019 Q4 · Q&A responses: +2.82020 Q1 · Q&A responses: -2.02020 Q2 · Q&A responses: -4.02020 Q3 · Q&A responses: +3.22020 Q4 · Q&A responses: -7.12021 Q1 · Q&A responses: +4.52021 Q2 · Q&A responses: -1.12021 Q3 · Q&A responses: +1.52021 Q4 · Q&A responses: +4.42022 Q1 · Q&A responses: -1.52022 Q2 · Q&A responses: +2.92022 Q3 · Q&A responses: +8.22022 Q4 · Q&A responses: -2.22023 Q1 · Q&A responses: -2.72023 Q2 · Q&A responses: -0.82023 Q3 · Q&A responses: +4.62023 Q4 · Q&A responses: +9.92024 Q1 · Q&A responses: +1.52024 Q2 · Q&A responses: +4.62024 Q3 · Q&A responses: -1.32024 Q4 · Q&A responses: +5.52025 Q1 · Q&A responses: +5.1
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$0.92$2.76$4.602019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1: $1.172019 Q2: $1.212019 Q3: $1.302019 Q4: $1.332020 Q1: $1.402020 Q2: $1.232020 Q3: $1.282020 Q4: $1.472021 Q1: $1.652021 Q2: $1.892021 Q3: $2.122021 Q4: $2.322022 Q1: $2.542022 Q2: $2.902022 Q3: $3.102022 Q4: $3.292023 Q1: $3.492023 Q2: $3.432023 Q3: $3.632023 Q4: $3.892024 Q1: $4.112024 Q2: $4.142024 Q3: $4.272024 Q4: $4.35

Forward P/E

9.9017.7925.672019 Q12020 Q12021 Q12022 Q12023 Q12024 Q12025 Q12019 Q1: 20.942019 Q2: 24.392019 Q3: 24.582019 Q4: 23.102020 Q1: 16.162020 Q2: 21.162020 Q3: 22.162020 Q4: 19.972021 Q1: 20.482021 Q2: 17.952021 Q3: 15.032021 Q4: 15.652022 Q1: 16.492022 Q2: 15.402022 Q3: 14.502022 Q4: 14.792023 Q1: 11.532023 Q2: 10.992023 Q3: 11.582023 Q4: 12.482024 Q1: 13.872024 Q2: 12.912024 Q3: 13.552024 Q4: 13.30

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2019 Q3 tone ↓ -8.7 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -6.1 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q4 tone ↓ -6.0 fwd EPS ↑ +0.19 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q2 tone ↓ -4.8 fwd EPS ↑ +0.24 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -3.1 fwd EPS ↑ +0.36 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -4.2 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -2.9 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -2.1 fwd EPS ↑ +0.13 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-21+0.4——View →
2024 Q42025-01-27+2.7$4.3513.3View →
2024 Q32024-10-21-4.0$4.2713.6View →
2024 Q22024-07-22-1.9$4.1412.9View →
2024 Q12024-04-23+2.9$4.1113.9View →
2023 Q42024-01-24+5.7$3.8912.5View →
2023 Q32023-10-23+0.1$3.6311.6View →
2023 Q22023-07-20-6.2$3.4311.0View →