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Technology Stocks : Dell Technologies Inc.

DELL 138.80

-2.7%

Nov 11 3:59 PM EST

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To: Boplicity who wrote (140983)	8/31/1999 8:24:00 AM
From: kemble s. matter	Read Replies (2) of 176387

Greg, Hi!!! RE: Briefing.com At The Jackson Hole Fed Conference 30-Aug-99 06:00 Est So many THANKS for posting this...There is a second lesson we should all remember from this...The media frequently has far fewer brains than most of us...Yet, they wish to gain that "20 minutes on a soapbox" and be known as the "one" who dug up the "news"...Reading and reacting to the folks we have learned to trust is what everyone should follow...Alan Abelson has been a "favorite" example of skepticism and arrogantly inaccurate predictions..If there is a "crime" in his reporting..IMO it will be that his publisher will continue to allow him to spew words that for the better part of this decade have been wrong...A close friend of mine started a chain letter because of his remarks...(HE obviously read the entire speech.. :o)... Where is the accountability? RV, I hope it works! From briefing.com And finally, there was Alan Abelson, who must have quickly skimmed the speech before deciding to claim that Greenspan "indicated that even earnings have been hoked up, in some instances by capitalizing expenses." Had he been paying attention, Abelson might have noticed that Greenspan actually argued that earnings have been understated because many capital outlays have been expensed -- precisely the opposite of what Abelson claimed. But then Abelson's been wrong for a decade, why change now? After reviewing the factors suggesting understatement and overstatement of corporate profits, Greenspan concludes that "it is reasonable to surmise that undercapitalized expenses have been rising sufficiently faster than reported earnings to have more than offset the factors that have temporarily augmented reported earnings." That's a pretty clear statement, but apparently Abelson was too busy playing with his thesaurus to read that far.

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