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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Ali Chen who wrote (51131)	4/25/2002 4:37:33 PM
From: tinkershaw	Read Replies (1) of 54805

Here is my generalization: Investor's reality is perception. Perception is formed on the basis of reported accounting metrics. The new metrics changes the rule of the game. It takes time for mom-n-pop "investors" to digest new rules. I agree with perception playing a major role in the valuation of companies. All growth companies are valued based upon their perceived future growth and cash flows. But just as the Yankees are the Yankees no matter how statistics are kept and hits are accounted for, so a company is a company. And I strongly disagree with the assessment the new accounting rules will change valuation of companies. It will change how financial statistics are reported. Again, the example of AOL. If AOL actually lost $56 billion this quarter, but made money last quarter, than what is with the stock price and the fact that AOL probably has more cash and assets today than it had one quarter ago, despite losing $56 billion. Well, whatever. No one has all the answers, and we will just have to strongly disagree on this issue. Tinker

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