The observed H 2 and |H| dependence of the magnetoresistance above and below T C , respectively, may be explained by general time‐reversal symmetry considerations. We further find empirically that the saturation observed in the magnetoresistance is best fit by a simple resistor in series with a magnetoconductor: ρ(H)=ρ∞+1/(σ0+γ|H|) for TT C . This provides a functional form to analyze and predict the magnetoresistance over a wide range of fields. This suggests that the underlying mechanism of ‘‘colossal magnetoresistance ’’ may be magnetoconductive, not magnetoresistive. The magnetoresistance and Hall effects on an annealedepitaxialthin films of La0.67Ca0.33MnO3 were measured at 0.9 T C and 1.1 T C . At low fields, anisotropic magnetoresistance plays a dominant role. The high field Hall effect shows holelike carriers above and below T C . The apparent change in sign at low fields is likely due to the anomalous Hall effect.