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Strategies & Market Trends : Value Investing
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To: rjm2 who wrote (11898)1/18/2001 1:40:56 AM
From: Don Earl  Read Replies (1) of 78644
 
rjm,

When in doubt check the competition. Blockbuster amortizes their video costs on a 3 month basis. Blockbuster looks pretty twisty also, but at least 3 months strikes me as being more in line with the reality that rental income from movies drops off very hard in a very short time. You have to learn how to translate language in SEC filings. When a statement starts with "we believe", it's an open invitation to lie. When GAAP rules change, it's to plug up loop holes in existing accounting treatments. Management is certain to be miffed at not being able to cook the books like the good ol' days, but the idea is to give a more fair presentation than what the good ol' days represented. The negative working capital statement agrees with my calculation that tangible book is effectively less than zero.

As far as your buddy on Yahoo is concerned; he's either a liar, a fool or a paid hypester. The statements about free cash flow and debt repayment are absurd at best. My tolerance level for that kind of garbage has gotten rather low over the past several years. Yahoo used to be rowdy but fun, now it's just a cess pool of hypesters and bashers whose sole purpose in life is to lead lambs to the slaughter. I find the practice offensive.
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