Finding differentiated data is always of paramount importance to investors. As LLMs and AI tools continue to surpass expectations, interest in unstructured data, such as text, has only been increasing. In this piece, we discuss one source of textual data: expert network transcripts. We explain key differences across major providers and outline how they are being leveraged by systematic investors. 

We’ve discussed text before, in our intelligence report on earnings call transcripts and, more recently, our literature review on the value of the text in sell-side reports. However, expert network call transcripts are interesting because they offer a different proposition than these more traditional sources of textual data. They are less consistent in format, less single-stock focused, and historically, the full transcript libraries have not been available to investors.