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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 163.32+2.3%Nov 21 9:30 AM EST
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To: hueyone who wrote (118999)5/21/2002 11:46:06 PM
From: Clarksterh  Read Replies (5) of 152472
 
Huey - The Financial Accounting Standards Board, the International Accounting Standards Board, the Council of Institutional Investors, Warren Buffet, Alan Greenspan, Paul Volcker, Standard and Poors, 2001 Nobel prize winner Joseph Stiglitz as well as the accounting departments of many Wall Street firms all disagree with you. And I can't figure out where any of these folks stand to line their pocketbooks from taking this position.

Oddly it impresses me very little that an economist, or a flock of economists, believe that this is a good thing. I trust economists to be able to derive interesting things given any particular set of assumptions, but I trust them not at all to pick a particularly good set of assumptions. The assumptions tend to be more philosophical in nature than anything else. Remember the two Nobel Prize winning economists who actually believed they could run a zero risk hedge fund? Or the many Nobel Prize winning economists who believe in 'efficient markets'? Or the fact that until very recently the major tenet of economics was that people behaved rationally (in contrast it is now accepted that people do not behave rationally in many many economic settings)?

This is a philosophical question more than a economic question. (e.g. which method of reporting is easiest for the public to understand, and most representative of future performance.)

Clark
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