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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 78.88+1.2%Dec 8 3:59 PM EST
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To: Lizzie Tudor who wrote (63621)4/19/2003 7:38:20 PM
From: Don Lloyd   of 77400
 
Lizzie,

If I were in favor of options expensing here I would drop black Scholes and come up with a proposal that made dilution highly visible to shareholders,

It is stock buybacks that both mask the degree of dilution and injure shareholders beyond the injury caused by the dilution itself when the company expressly buys back shares without worrying about the price paid in shareholder funds.

As a suggestion, a company should not be allowed to reduce its diluted share count by buybacks unless the company's price to cash ratio is less than 10, for example.

Regards, Don
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