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Strategies & Market Trends : Value Investing
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To: Don Earl who wrote (13989)2/22/2002 1:04:54 AM
From: James Clarke  Read Replies (2) of 78665
 
Options are a very real economic expense. Whether they belong on the income statement or just in an analysis is somebody else's question, but you can't just ignore them. The abuse of options is so extreme that for about a year I have been voting against virtually all options programs on proxy ballots. I read last week that Bill Miller of Legg Mason is doing the same. Thats the only thing that will end this disguised theft from shareholders.

Bill Miller's year end letter is great - look on www.Leggmason.com. Here's an institutional investor saying quite plainly that he's disgusted with what passes for investment analysis and management stewardship today. Count me as another. Just vote against these things.
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