It’s a good thing Snap is calling itself a “camera” company not a communications company.

Because something about its IPO talking points appears to be getting lost in Wall Street translation.  And that could be part of the reason why it has priced at the low end of the hoped for range, after much criticism on Snap’s numbers, declining growth, and lack of any vote new shareholders will get.

Before Snap’s S1 came out I heard from bankers that the company was explicitly positioning itself as the anti-Facebook. Not a Facebook alternative, but something that would never be and didn’t aspire to be Facebook. A company that would not and was not trying to gain 1 billion users, major international reach, or a broad demographic...