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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: EnricoPalazzo who wrote (50840)3/26/2002 3:57:09 PM
From: hueyone  Read Replies (2) of 54805
 
I am maintaining a limited stake because I am foolishly greedy and there is some chance that ignorance (including mine) may continue to prevail---as it has in the past. Folks like Jacob Snyder have made interesting arguments that it doesn't matter whether pro forma numbers are bogus, whether stock options are properly expensed, because the stocks will trade on the phony earnings numbers anyway.

At some point the value of these businesses will have some relation to what an owner can expect to take out of them, but whether that happens this year or in five years, I have no clue. If reform for accounting for stock options goes through, however, it is going to be much more difficult for many of these companies to hide. (Nevertheless, the opporutnity for creative pro forma accounting will still be there.)

Best, Huey
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