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Strategies & Market Trends : Value Investing
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To: 249443 who wrote (14183)3/28/2002 9:28:57 PM
From: Don Earl   of 78742
 
My personal opinion is the type of accounting abuse which allowed Enron to take place is a serious matter. The problem is so wide spread it is almost impossible to find companies with clean balance sheets or numbers that give any kind of clue to a company's actual financial condition. PE and book value have become virtually meaningless as anything other than hype. Countless thousands of investors watch their investments go to zero in bankruptcies for the simple reason they made the mistake of trusting the way assets were treated under currently allowed GAAP practices. Under the circumstances, for someone like Warren Buffet to be trusted with the honor and responsibility of serving in the capacity of an advisor, and to listen to the half witted garbage he spewed in the roundtable discussions, disgusts me. His comments turned what should have been a serious discussion on grave issues into a field day for fools.
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