Photo: CNBC screenshot
When Wedbush analyst Michael Pachter said Mark Zuckerberg’s decision to wear a “hoodie” to his first IPO roadshow meeting was a sign of “immaturity” he set off a big controversy.It was the tech world versus the banking world, and the tech world thought he was an out of touch doofus.
We reached out to Pachter to see if he wanted to clarify or expand on what he said.
He told us he thinks Zuckerberg should show more respect to the investment community.
Here’s what he told us over email:
People are entitled to agree or disagree, and I suppose the only thing that surprises me is the vehemence of the response.
I think that there are institutions that deserve to be shown appropriate respect, including weddings, funerals, church services and investor presentations. Mr. Zuckerberg is free to disagree, as are the people who are criticising my comments.
My point was that Mr. Zuckerberg is asking people to invest in his company. He is asking them to take a measure of risk with their future retirement savings, and I think it is appropriate to show them the same level of respect that he would show a friend getting married, the family of someone who died, or his local rabbi/priest/minister at a service. Understanding the propriety of showing respect is a sign of maturity; disregarding the feelings of his audience is a sign of immaturity, even if calculated as an “ironic joke”*, as you put it.
He is free to be himself, but I think he should be aware that many investors feel the same way that I do.
*(We also asked him if there was a chance Zuckerberg wore the hoodie as an ironic joke.)