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Gold/Mining/Energy : Gold Price Monitor

GDXJ 145.00

+2.0%

4:00 PM EST

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To: John Soileau who wrote (77771)	10/2/2001 12:57:35 PM
From: John Graybill	Read Replies (1) of 116906

I must disagree. When Waste Management claims that repainting their trucks after three years instead of four is an "extraordinary expense" required because of a merger, yet doesn't adjust it whatsoever for the time period, then it's time to start erring on the side of "fewer chances for accounting fraud" for a change. I wrote within days of the WTC disaster that it would be the accountants' version of "the dog ate my homework" no matter how tenuous the link for a particular company, joining "the energy crisis ate my earnings", "Y2K ate my earnings", and "the drought / flood / hurricaine ate my earnings" as recent excuses of last resort. And indeed it is. Remember that the absolute possible worst case for anybody using July-September as their quarter is to claim losses for 14 business days out of 63, and that's being abused to the maximum. Compaq is claiming their quarter is blown because of no just-in-time air shipments to customers (for five days of airport shutdown?), AOL Time Warner is claiming no ad revenue (for six days?), and we know about the state of the airlines before 9/11.

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