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To: Uncle Frank who wrote (496)	11/12/2001 7:56:43 AM
From: JHP	of 672

Message 16637183 To:Uncle Frank who wrote (48756) From: John Shannon Friday, Nov 9, 2001 8:45 PM View Replies (1) \| Respond to of 48794 You are dismayed at the degree of subjective judgements? You who would profess to play the Gorilla Game would be dismayed at this level of subjectivity? Oh dear. Sorry to hear that. But in your dismay of this degree of subjectivity you would then like to look at gross margins as some way to estimate real profits? LOL... can't you at least put a few posts in between inconsistencies? In case you didn't know it, those lines are as subject to manipulation as any other line in the already highly subjective earnings statement. Maybe you missed the discussion a few months back on the Cisco thread about how Cisco was boosting gross margins by stocking up on inventory... first brought up almost three quarters before the inventory write down. Or maybe you missed the footnotes in the 10K of a darling that will go nameless where licensing revenues are booked for companies in which an investment is being taken ("look ma, no cash changes hands"), and then written off... Sure. Be my guest and measure profitability on this degree of "objective" basis. Sorry, but I prefer free cash flow coupled with analysis of the balance sheet for a reason. Not just because I'm biased toward's "value" investing, but also because I understand what the stuff printed there actually means. Suffering from frustration? Sees window of opportunity closing? LOL... you couldn't be more incorrect. It's silly of you to pretend that you know what's going on inside someone else's head. As if you are even qualified. I am hardly frustrated. More amused and a bit puzzled. Even contemplating shorting stocks for the first time in my life. If I wasn't so convinced in the ability of the market to remain irrational and my inability to read short term trends... well then I might just have taken action. Window of opportunity closing? Yup. Window for profitable long positions closed in '97-'98. Got it, thanks. Window for excessive profits closed in '00. Went through there too. The only window that's open now is one of a series of fleece 'em windows necessary to prolong the market's return to normal levels (otherwise it would have to be called a collapse). But I'm not going through. John.

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