Daily Archives: February 1, 2012

John Gapper

Mark Zuckerberg, Facebook’s founder, sets himself an admirable test in the company’s filing for an initial public offering – “that everyone who invests in Facebook understands what this mission means to us, how we make decisions and why we do the things we do.” Unfortunately, he then flunks it.

Like Larry Page and Sergey Brin, the founders of Google, which went public in 2004, Mr Zuckerberg has written a letter to shareholders to explain his approach to their new investors. While Google’s letter was brisk and open about how they intended to ignore short-term earnings targets, his is aspirational and vague.

“By focussing on our mission and building great services, we believe we will create the most value for our shareholders and partners over the long term . . . We don’t wake up in the morning with the primary goal of making money, but we understand that the best way to achieve our mission is to build a strong and valuable company,” Mr Zuckerberg writes. Read more

Andrew Hill

The Los Angeles Times story about the humiliation of Fred Goodwin describes Britain as “a land where essentially feudal titles still carry great prestige”. True-ish. But I have to say that the UK doesn’t do business honours like it used to.

I’ve dug up this extract from the FT of January 2 1912 – and no, as you’ll find out if you follow that link, I’m not making this up: Read more