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专栏 - 从华尔街到硅谷

扎克伯格冷落分析师

Dan Primack 2012年03月23日

Dan Primack专注于报道交易和交易撮合者,从美国金融业到风险投资业均有涉及。此前,Dan是汤森路透(Thomson Reuters)的自由编辑,推出了peHUB.com和peHUB Wire邮件服务。作为一名新闻工作者,Dan还曾在美国马萨诸塞州罗克斯伯里经营一份社区报纸。目前他居住在波士顿附近。
让我们在等待Facebook上市的时间里,来点天马行空的猜想吧。

    据《华尔街日报》(The Wall Street Journal)报道,近期在Facebook公司总部召开的一次由银行家和分析师出席的会议上,马克•扎克伯格并没有露面。报道称,他“更愿意把时间花在开发服务上,”并且他“无意亲力亲为地推销”公司即将举行的首次公开募股。

    很显然,这位老兄对于自己的公司即将上市这件事还没有做好充分的准备,而只有他准备就绪了,才能避免员工发生内部动荡。而我也无法苛责他,因为担任一家上市公司的首席执行官就得处理千头万绪、形形色色的事务,导致无心专注于推动公司的长期增长。这些事务中就包括与众多分析师和对冲基金经理没完没了的会晤和商讨。

    因此我想,扎克伯格也许根本就不想参加这类活动,甚至不想参加季度收益电话会议。这类会议并未要求公司的首席执行官必须出席,甚至不见得一定要举行这类会议。比如,斯蒂夫•乔布斯只是偶尔参加一下苹果公司(Apple)的季度收益电话会议,有时候甚至隔好几年才会参加一次。

    如此不加掩饰地表现出对分析师们的嫌恶之情却仍能全身而退,相信大多数首席执行官做不到这一点,但Facebook却(和苹果一样)有足够的资本特立独行。尽管它支付的费用只到目前市场行情的一半,但在其S-1募股表上,全美几乎所有的投资银行都悉数亮相。此外,扎克伯格还有一位格外精明强干的代理人——谢丽尔•桑德伯格。

    我也许对扎克伯格昨天缺席会议有点过分解读了。但如果他根本不理会什么财务工作日程表,而是完全根据自己的意愿决定在哪一天公开发言,大家同样不必太惊讶。

    译者:清远

    Mark Zuckerberg recently skipped a meeting of bankers and analysts at Facebook HQ, according to The Wall Street Journal. The report said that he "preferred to focus his time on developing the service," and that he "doesn't expect to play a hands-on role selling" the company's upcoming IPO.

    Clearly this is a guy who still hasn't warmed up to the idea of his company going public, and is only doing so to prevent employee mutiny. And I can't blame him, since being CEO of a public company usually involves all sorts of things that distract from fostering long-term growth -- including endless conversations with analysts and hedge fund managers.

    So I wonder if Zuckerberg simply won't partake of such activities, perhaps not even participating in quarterly earnings calls. There's no requirement that a company CEO be on the line, nor even to hold such calls in the first place. Steve Jobs, for example, was only an occasional presence on Apple's (AAPL) quarterly earnings calls, sometimes going years between appearances.

    Most CEOs can't get away with such blatant antipathy toward analysts, but Facebook has enough cache to be an exception (just like Apple). After all, this is the same company that has gotten virtually every investment bank in America on its S-1, despite paying just half the going fee rate. Plus, Zuckerberg has an extremely-capable surrogate in Sheryl Sandberg.

    Again, I may be reading way too much into yesterday's absence. But don't be surprised if Zuckerberg talks in public on his own schedule, rather than based on any fiscal calendar.

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