SAP Financial Strip Tease

SAP (SAP) released preliminary Q4 and year end results without management comment. They kindly promise to provide further details on the preliminary numbers by Jan 27, 2010.

This form of financial strip tease is not in the best interests of investors. This is a large and complex company. Releasing information bit by bit has a danger of misleading investors and lulling them to sleep.

What is the governance policy? If the news is bad will they release it first or will they release the good news and then slip in some problems when the market has been anaesthetized.

This is how black Swan Events occur.