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eqvinox • today at 3:14 AM • 2 replies • view on HN

They can have as many pages of explanation on it as they want, it doesn't address the fact that they need to be factored into headline numbers. It's the distinction between technical correctness and communicative correctness. It's like surprising and unusual clauses in contracts - those are invalid too if you aren't sufficiently upfront about it.

It's an IPO, the P is public. The information needs to be consumable by the public. The level of knowledge that can be expected of a random IPO stock buyer isn't the same as that of a VC or private fund.

And that's exactly where the SEC comes in. The 1930s went wrong enough, no point in doing a 2030s repeat.


Replies

JumpCrisscross • today at 4:11 AM

> random IPO stock buyer

Public-stock buyer or IPO buyer? The latter tend to be sophisticated.

joshuamorton • today at 4:36 AM

> It's an IPO, the P is public. The information needs to be consumable by the public. The level of knowledge that can be expected of a random IPO stock buyer isn't the same as that of a VC or private fund.

I'd wager that the 95th percentile, and maybe the 99th percentile anthropic IPO participant, by volume, is a more sophisticated stock evaluator than either you or me.