So many of those who attended - I mean those who were invited to - yesterday's Boston investor meeting for Facebook, were probably served a delicious rubber chicken. And no less important, they were likely exposed to the company's mobile strategy and business plan. The Wall Street Journal reported today that Michael Mullaney the Chief Investment Officer at Fiduciary Trust Company said he left the luncheon feeling that the company has a "definite plan" and that he felt "more comfortable with its story" than he was before.
Lucky Mr. Mullaney! But what about me and the thousands of other interested individuals who only have access to the company's S-1? What about those who did not (and probably will not) have an opportunity to hear the Facebook story and have their questions answered by COO Sandberg and CFO Ebersman (it's worth pointing out that CEO Mark wasn't there - if he is going to continue acting like a college kid we might as well be on a first name basis)?
My point is that this flies directly in the face of SEC Reg FD. Given the lack of explanation about where Facebook is going in the S-1, the investor playing field is not level. And something needs to be done about this.
Here's a solution: give me an invitation to all the upcoming investor luncheons. I will attend each of them at my own cost and will blog about what is said so that everyone can have access to the same information as those attending the roadshow meetings. Complete transparency - are they ready for that?
And, if cost is an issue, the party planners don't have to worry about feeding me a rubber chicken, since I'm a vegetarian.