c****o
发帖数: 681 | 1 I hate to say it but I think Jobs was very wrong on one thing: he thought
Page was a good guy. What's Page & company doing with this weirdo share
split? To me, it's a way for them to dump their non-voting shares after the
split and at the same time, still maintain control by keeping the voting
shares. Cashing out without losing control. So blatant it's breathtaking.
http://finance.yahoo.com/blogs/breakout/google-share-split-nake
Citing their "enduring love for Google" and desire to "prevent outside
parties from taking over or unduly influencing our management decisions,"
Sergey Brin and Larry Page have just tightened their grip on the company
they founded and dressed it up as a share split.
Technically, existing shareholders will see their $650 stock split in half
come June, only the new half won't be a mirror image of the old half, since
it will have had the voting rights gutted out of it and plunked on the
already overflowing plates of the duel billionaires at the top.
Perhaps the most laughable line of the announcement, which accompanied
Google's (GOOG) first quarter earnings results, came from Chief Legal
Officer David Drummond, who masterfully soft-sells investors that this is
going to happen and there's nothing you can do about it like this: "Given
that Larry, Sergey, and Eric control the majority of voting power and
support this proposal, we expect it to pass."
You don't say.
In the attached video, Macke and I liken the move to siphoning the power out
of your Powerade that benefits no one except the 3 biggest shareholders.
But the truth is, most investors are probably happy to let Page and Brin
continue to do what they've done all along since it appears to be working.
But what about when it's not working, at some later date, and a change of
chiefs or direction or focus might be needed? Good luck with that.
You can politely raise your hand and offer your suggestion, as long as it
doesn't unduly influence the decision.
And to think, this entire plan was hatched from the same chicken that
famously stated "don't be evil" as a founding principle. | w********2
发帖数: 16371 | 2 I think google already bow to the street and reality, it is involved into a
different company now.
发信人: wavelets02 (消失), 信区: EarningAnalysisClub
标 题: Re: GOOG
发信站: BBS 未名空间站 (Fri Apr 13 03:30:28 2012, 美东)
goog 的问题不是经济，而是他主要revenue还是desktop based
iphone 之前，internet 几乎等同desktop pc，现在都转mobile，
而mobile的广告revenue 不象desktop 那种在边边角角贴小广告那么容易赚的。加上
goog 装2B不重视中国市场。
goog 后面的增长在这些地方有巨大的危险。
同时internet 广告，不管desktop 还是mobile，facebook 已经是一个实体的竞争者，
增长速度比goog 快的多。虽然两者用户群会有很多overlap，似乎没有直接竞争，但广
告投入上是同一张大饼，goog 想和fb 有效的长期竞争需要更多用户的信息。goog 也
跟风苹果选择divident，我觉得是对自己失去信心，对现实低头，讨好花街开
始便想圈公众钱的一个举动，前几天他们面对divident 的说法是他们没有苹果那么多
现金，暗示不会效仿苹果。同时分股也是违背了他们最初上市时候的初衷。当然这些可
以说是goog 更加成熟的表现，也能让goog 更容易招员工和留住员工增加吸引人才的竞
争力。--
the
since
out
【在 c****o 的大作中提到】
: I hate to say it but I think Jobs was very wrong on one thing: he thought
: Page was a good guy. What's Page & company doing with this weirdo share
: split? To me, it's a way for them to dump their non-voting shares after the
: split and at the same time, still maintain control by keeping the voting
: shares. Cashing out without losing control. So blatant it's breathtaking.
: http://finance.yahoo.com/blogs/breakout/google-share-split-nake
: Citing their "enduring love for Google" and desire to "prevent outside
: parties from taking over or unduly influencing our management decisions,"
: Sergey Brin and Larry Page have just tightened their grip on the company
: they founded and dressed it up as a share split.
| c****o
发帖数: 681 | 3 我觉得吧，goog这次搞分股，是屈服于华尔街的压力没错。但是为什么不老老实实地直
接分股，而是搞一个无投票权的class？仅仅是因为Brin、Page、Eric三人不想失去多
数投票权吗？这个说不通。因为直接分股的话，如果他们不打算分股后大量抛卖股票，
也不太会影响到他们的多数投票权，所以没必要搞无权股份。
这次他们搞无权股份我能想到的原因，一个可能是他们这样可以以更低成本收购其他股
东的有权股份，从而加强对公司的控制。但是，他们现在已经拥有绝对控股权了，没有
必要进一步收购。另一个可能，就是他们想为自己日后大量抛售股票套现做准备：抛售
掉手里的无权股份，既可以套现，又不会影响投票权，岂不两全其美？
所以我觉得这是他们三人炮制的一石三鸟之策：讨好华尔街，维持控股权，方便日后抛
售套现。其中抛售套现这一考量所占的比重，是非常大的，不然他们就不会怪怪地搞什
么无权股份了。
a
【在 w********2 的大作中提到】
: I think google already bow to the street and reality, it is involved into a
: different company now.
: 发信人: wavelets02 (消失), 信区: EarningAnalysisClub
: 标 题: Re: GOOG
: 发信站: BBS 未名空间站 (Fri Apr 13 03:30:28 2012, 美东)
: goog 的问题不是经济，而是他主要revenue还是desktop based
: iphone 之前，internet 几乎等同desktop pc，现在都转mobile，
: 而mobile的广告revenue 不象desktop 那种在边边角角贴小广告那么容易赚的。加上
: goog 装2B不重视中国市场。
: goog 后面的增长在这些地方有巨大的危险。
|
|
