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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 73.87-0.1%Jan 9 9:30 AM EST

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To: Tulvio Durand who wrote (48872)2/12/2001 3:56:47 PM
From: GVTucker  Read Replies (2) of 77400
 
Tulvio, I said that the 11¢ number INCLUDES investment gains.

Which means that the 18¢ EXCLUDES investment gains.

Dadgummit we agree on that point!

But on this:

Do you agree that PE should use the 18¢ and not the 11¢ ?

I disagree with your conclusion.

In reality, what I use is the 11¢ less investment gains. I then value the investment side at a slight premium to book value.

And don't worry, I could care less about having the last word. If you've got a further question or argument, by all means chime in again.
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