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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 73.77

-0.1%

10:08 AM EST

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To: GVTucker who wrote (48873)	2/13/2001 12:12:26 AM
From: Tulvio Durand	Read Replies (1) of 77400

GV, we are now going to address the root cause of our disagreement. You say .. the 11¢ number INCLUDES investment gains. Which means that the 18¢ EXCLUDES investment gains. Dadgummit we agree on that point! No we don't agree. How can 11¢ which includes investment gains be a smaller number than 18¢ which excludes investment gains? Say that: (1) Investment gain is 7¢; (2) earnings without one-time events and without investment gains is 18¢, which is what Cisco is saying. Then the 18¢ excludes investment gains, and, by arithmetic, 25¢ would include investment gains. The last statement does not agree with your first statement. Tulvio

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