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Politics : Ask Michael Burke
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To: Don Lloyd who wrote (76443)2/23/2000 2:07:00 PM
From: Michael Bakunin  Read Replies (1) of 132070
 
Your last paragraph (in re accounting) is spot on: in the ideal world, accounting should be immaterial, since the market should value reality, and not quarterly reports. Often enough, this is the case; for example, there have been no great revaluations of the market because of large accounting changes (e.g., pensions). I actually take much the same view you do of both ABX's hedging, and MSFT's options shenanigans: anyone who can read the footnotes can do the math themselves. However, you have to admit that ABX owes people gold, and MSFT owes people shares. How you value those obligations is a matter of judgement. -mb
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