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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Stoctrash who wrote (5475)	1/30/2002 11:47:20 PM
From: Raymond Duray	Read Replies (2) of 33421

Over the course of the past year, the Nasdaq-100 have lost more money than they reported having made since 1995. So much for the "New Economy". We'll refer to it in the future as the "New Swindle". The difference between totally bogus "pro forma" earnings among this group, and the more realistic "GAAP" earnings is the difference between making illusory earnings, and in reality being in a worse cash position than a year ago. "Cash is fact, accounting is opinion" according to Michael Regan of CSFB. The truth is "cash is king, and accounting is fraud" according to Ray Duray. -Ray

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