If people don't understand the concept of informational efficiency, why do they start threads about informational efficiency?
Cook lost his nerve because he knows the market could punish Apple, if Apple are forced to reveal the extent of their philanthropic/sustainable R&D. Cook argues that his company should not bear disclosure responsibilities to the investors because morality precludes disclosure. If he were smart he would have said the cost of disclosure regulation is much too high, which would have made conservatives shrivel. Instead, he choose the circular reasoning of moral purity.
Strategic blunder.
If the shareholders are not liking that non-disclosure, they are free to sell their shares, you know.
