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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 77.99-0.2%Dec 23 3:59 PM EST
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To: RetiredNow who wrote (54358)8/8/2001 12:31:27 AM
From: Stock Farmer  Read Replies (3) of 77400
 
Mindmeld - You are tossing out terms without due regard for their meaning.

Cash and equivalents are 4.8 B$, not 18.5 B$ as you state.

But I have tried to make some sense of your statement.

Cash (4.873) and short term investments (2.034) plus long term investments (10.346) and restricted investments(1.264) are 18.517 B$. This is down by 1.982 B$ from the 20.499 they closed out last year with, of which 3.36 B$ is accounted for as a reduction in investment levels.

This leaves us with 1.382 B$ unaccounted for, which using your logic can be attributed to the incremental "real" cash generated by the business.

But before you get prematurely excited, note that current liabilities (effectively cash borrowed from their creditors) has grown by 2.900 B$ in this same period, while the other unattributed elements of current assets have grown by only 0.343 B$, which means that they actually evaporated 1.175 B$ assets during the last year.

I think you are somewhat distracted my friend. What is happening under your very eyes is the gradual exchange of high quality assets for lower quality assets.

So before you crow about the cash flow, it's what they do with it that counts. And right now, they are managing to see whatever cash flow they generate just evaporate.

John.
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