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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 75.27

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2:36 PM EST

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To: JeffT who wrote (56616)	1/12/2002 1:00:10 PM
From: Stock Farmer	Read Replies (3) of 77400

Jeff - I think you should look a bit closer at the source of that cash. Posted to this thread many times. Approximately 3/4 represents long term debt in the form of shareholder loans which are laundered onto the balance sheet through "Cash flow from operations" via a curious twist of stock option tax accounting. It's like writing yourself a personal check with memo "bonus", and then claiming to everyone how much money you make. Factually true. But not as meaningful as you might want everyone to believe it to be. Of course, most people don't have the foggiest clue how to read a balance sheet, so remain mesmerized by the "piles-o-cash" soundbite. And chock the results up to "operations". When indeed they are more appropriately attributable to what is affectionately known in the financial world as "dumb money". This isn't Cisco specific at all either. John

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