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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knight who wrote (113454)7/19/2001 12:11:52 PM
From: patron_anejo_por_favor  Read Replies (3) of 436258
 
<<it is not in any way disingenuous to provide constant currency numbers along with the actual numbers, and is, in fact, helpful>>

It's not disingenuous if:

1) It's their standard reporting policy
2) If it's done when the dollar is weakening (we'll see)
3) If expenses are also handled in "constant currency" (they weren't)

You are right in assuming that analysts are clever enough to make the foreign currency to dollar adjustments and figure out from IBM's reports what the revenues meant in dollars. If so, why is it not true that they were incapable of adjusting reporting from dollars (which is the currency their accounting is actually based on) into foreign currencies.

I don't have a problem with ANY company releasing currency adjusted numbers if it's asked of them in a CC, along with the dollar-based figures. It's the asymmetry of reporting it only when it's favorable to the company that bothers me.

We've just come out of a mania where millions of investors lost their shirts by relying only on company and analysts sound bites for their information. The mania was facillitated by corporate management putting their interest above shareholders in the way they chose to disseminate information. Some companies don't treat investors this way (SEBL is a good example). I find it helpful to look for tells in how companies choose to present information as a sign of potentially deeper problems, especially with regards to accounting. That's the best protection an individual shareholder has, it's how I avoided getting "taken" in the mania. If you disagree, well, good luck.
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