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Strategies & Market Trends : Value Investing

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To: Grommit who wrote (10087)	3/2/2000 2:57:00 PM
From: Michael Burry	Read Replies (4) of 78661

Need some accounting help: In several recent stocks I've been looking at (Equifax, Dun & Bradstreet) it appears that there have been huge charge-offs against equity due to foreign currency translation as a result of depreciating foreign currencies relative to the dollar. I'm no exactly sure how to interpret and value this, especially as respect to cash flow analysis and cash return on equity/cash return on capital calculations. Does it show up in cash flows? If not, is it becuase the profits are made in foreign locales and largely stay in foreign locales for reinvestment so it is really more of just an accountant's trick to bring everything into US dollars? I'd appreciate any clarity that can be offered. Mike

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