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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: kvkkc1 who wrote (54346)	8/7/2001 6:15:59 PM
From: RetiredNow	Read Replies (3) of 77400

I'm not going to go into all the details of cash flow statements. However, no one with any smarts cares about the income statement, proforma or otherwise. It's irrelevent to valuation. What is important is cash flows. If I pay $7 for something, how long will it take to get that money back and how much beyond that can I expect and will that return annualized be worth the risks I'm taking? Those are the questions we care about when we invest our money. The income statement is one big pile of accounting fiction. Whereas, the cash flow has all the fiction stripped out. You can fudge the balance sheet and you can fudge the income statement, but the cash flow statement is what's left over when all the bullshit is cleaned up. To make it very simple for you, if you have $12 in your account today and you had $10 in it yesterday, don't you think you're headed in the right direction? Now take that trend and check it over many quarters. Is the trend still up or at least positive in quarters where everyone else is losing tremendous amounts of money? If you are still positive, then quite simply, you are kicking ass.

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