Semi Equipment Analysis Message Board

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Technology Stocks : Semi Equipment Analysis

SOXX 318.06

+1.4%

Jan 5 4:00 PM EST

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To: Pink Minion who wrote (11076)	8/20/2003 5:01:44 PM
From: The Ox	of 95675

You might say 'whatever' but there is a substantial difference, imo. Goodwill or other intangible assets are usually written off, reducing shareholder equity. When I look at a company, I ALWAYS back out intangible assets, as they are "worthless". The key issue is that you stated they were "burning cash". If shareholder equity is being reduced due to "intangible asset" write-offs, that wouldn't bother me one bit, as the book value is inappropriately inflated by this amount. On the other hand, if the company is "burning through cash" - and this is the reason for the reduction in shareholder equity - then it is a major red flag. Book value is practically worthless to me, tangible book value or Net Asset Value is very important. Just trying to make a point that is lost on some investors. best regards mh

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