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Technology Stocks : Citrix Systems (CTXS)
CTXS 103.900.0%Nov 2 5:00 PM EST

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To: Chuzzlewit who wrote (7331)12/4/1999 4:54:00 PM
From: Mike Buckley  Read Replies (1) of 9068
 
Chuzzlewit,

I think there is a fallacy in that argument.

I think so too. I wasn't offering the scenario as a good reason for the high valuations. Instead, I was offering it as a partial explanation of why it's happening.

I especially liked your comment that cash flow (I assume you would narrow it down to free cash flow or at least operating cash flow) is what it's all about, not earnings. But you won't find any explanation of the high valuations in cash flows of any kind because very few investors have the slightest idea what the difference is between cash flow and earnings. That's not a judgemental criticism, just an observation.

--Mike Buckley
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