1. Snap IPO: The Complete Bearish Case for Avoiding Investing in Snapchat

    Snap IPO: The Complete Bearish Case for Avoiding Investing in Snapchat

    For what is likely be the largest IPO in years, the Snapchat filing has been swamped in secrecy. Snapchat founders Evan Spiegel and Bobby Murphy aimed to raise at least $3 billion in March after recently releasing their S-1 document...

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    1. This is ga-ga governance more fit for a nursery than one of the world's leading stock exchanges.
    2. We are co-signatories to the letter with fellow asset owners at the Council of Institutional Investors.
    3. First, if you don't like the governance, don't buy the stock.
    4. In terms of corporate governance, I don't like it. It's too much power in one hand.
    5. We should acknowledge that a controlling interest is not always seen as a governance risk but it largely depends on who the controlling owner is and his reputation in the market.
    6. The growth in daily active users was relatively flat in the latter part of the quarter ended Sept. 30, 2016.
    7. Investors should be very cautious of Snapchat's IPO.
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