Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: AC Flyer who wrote (15194)	2/19/2002 10:36:42 AM
From: Mike M2	Read Replies (2) of 74559

AC, blatant effort to mislead! YES we agree - I didn't think that was possible -g-. I think I that first call also uses operating earnings. The public has been mislead into thinking that the 90s was a decade of profit and productivity miracles. A substantial portion of earnings growth prior to 1995 came from a reduction in interest expense and lower depreciation charges from prior period of low investment. Search Barron's Martin Barnes Bank Credit Analyst or see BCA April 1999. For the impact of ESOP accounting gimmickery search Forbes Andrew Smithers- he estimates that S&P earnings were overstated by 40-50% if mememory serves ( whatever the % it impact is substantial) . Then factor in all the non operating sources of income ( capital gains from bubble stocks etc.) Search Forbes article on Dell - if memory serves the 3 year period from 1996-8 Dell made more money operating in its own stock- selling puts, buying calls & shares) than it did selling computers. On the CFZ thread we have covered the misleading nature of hedonics and how it overstates true economic growth and productivity. Mike

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