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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 76.11+0.9%3:59 PM EST

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To: The Phoenix who wrote (47537)1/30/2001 1:23:44 PM
From: Wyätt Gwyön  Read Replies (1) of 77400
 
you're making an issue of free cash flows

gee whiz, I thought that's what everybody wanted--free cash flows. The issue has to do with how you get the cash--is it from recurring operations, which are a reliable source into the future; or from an extraordinary event? Non-operating cash-flows do not deserve a high multiple, IMHO. As to a tax liability, you need to keep in mind that the credit reduces this liability.
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