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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host
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To: Boca_PETE who wrote (5182)5/25/1998 1:03:00 PM
From: Kirk ©  Read Replies (2) of 42834
 
Pete - EXCEPTIONAL explaination. I am in full agreement with what you state. I got my understanding the old fashioned way, reading the annual reports and doing some of the math myself when the changes were being considered. I was interested in how large companies like AMAT and Intel can afford to award so many stock options to their employees at the low levels whereas companies like HWP and IBM seem to keep these rewards at higher levels. It seems to come from asking shareholders for permission to issue more stock to be used as options thus diluting the value of the shareholders' stock in exchange for loyal employees. A second common way to get shares for options is to repurchase shares on the open market when the price is favorable to reissue later as employee options. Following this trail of money, I found good reason to stay with my large (nearly 4% now) position in IBM as it has been fond of buying back its shares far in excess of what it needs for annual options.

Now, maybe you can help us get a good handle on how to calculate EVA! 8) Any clues if this will ever be required to be disclosed? Figuring cost of capital must be really hard to get a handle on for multinationals....

regards
Kirk out
PS I am werking on me "hobby" today (10AM PST) that pays better than my day job so am I on vacation? When the wind comes up, I will be out of here and windsurfing!
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