This post will begin what I hope will become a regular series about online investor relations. The first company I’d like to discuss is Apple (
AAPL), one of the stocks in our
Fruit Basket portfolio. I’ll try to cut Apple some slack but the reality is it deserves a butt kicking for the way its web site handles investor relations inquiries. For a demonstration, I’d ask that you go to the
Apple web site, find the investor relations link, and click on it. If you can find it in less than 60 seconds, you’re a genius. Actually, it’s a trick question. There is no link. In order to get to investor relations, you need to click the
media info button and then under the media resources section on the right side of the page, click
investor information. This should take you to investor relations but not without a fight. An alternative would be to go through the site map.
Why is a company that is so committed to making their computer experience a wonderful thing, so obviously disinterested in telling its story to investors? Has the company become so large and full of itself that it doesn’t feel the need to spread that ease of use from the Mac itself to its investor relations? The material Apple sent in the mail probably cost a tree its life. There was nothing but 10Qs and 10Ks. What if I was a 50-year-old PC user who was interested in investing in the company and it sent a colorful brochure describing the company and its products. I might invest and buy a new Mac computer. With what it sent, I can light a fire and that’s about it. How backward for such a forward-thinking company. I hope the iPhone works better then the investor relations page.
Here’s a second test. Try finding the written transcripts for past conference calls. You can click until the cows come home, you won’t find any. They don’t exist. For 2006, Apple makes available the audio of the earnings calls but that’s it. I don’t know about you but I find it easier to read them. Moreover, you can make notes at all the relevant parts of the call. You can’t do that with audio.
Steve Jobs is a very bright man, no question, but the people in charge of investor relations are letting down the rest of the company. Their IR, once you find it, is very unremarkable. If I were from outer space and landed on the Apple’s investor page, I’d think all earthlings were bland and boring - not exactly the message they should be sending. I notice over at the
IR Web Report they have done an evaluation of Apple’s site. To see that information I’ll need a membership. I promise to report back once I have their feedback.
In the meantime, please send me your suggestions of good and bad examples of online investor relations. I’m looking forward to reading them. Thanks in advance.