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Technology Stocks : JDS Uniphase (JDSU)
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To: Jacob Snyder who wrote (21463)8/29/2001 4:43:42 PM
From: Cary Salsberg  Read Replies (2) of 24042
 
RE: " Anyway, my point was simply that Book Value (and ratios derived from it) is a malleable number, easy for the accountants to play games with, and therefore not very useful for investors (especially in tech companies)."

I strongly disagree. What you say may be true if you pick up the Book Value number from an investment service, but it is silly to use Book Value without examining the Balance Sheet. There are things that may be hidden in Balance Sheets, but they are restricted to a few line items. Since most tech companies don't pay dividends, the Balance Sheet represents the cumulative effect of all their years in business. The Book Value is the net per share measure of all of this. A clean healthy Balance Sheet doesn't assure stock price appreciation, but it makes it likely that the company will be around when good times come
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