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Technology Stocks : Siebel Systems (SEBL) - strong buy?
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To: Mike Buckley who wrote (5914)6/7/2002 10:23:38 AM
From: hueyone  Read Replies (1) of 6974
 
Hi Mike:

Thanks for your reply. I figured you would be surfacing here sooner than later.<g> My answer will require some research---including replicating your free cash flow numbers. I will have to answer you over the weekend since I actually have a job (which I have been neglecting lately). I can guess what the flavor of my answer will be, however, and that will be that the free cash flow number you are generating is not representative of "owner earnings". Of course if I make this argument, I will also expect to have to defend "why not". As of now, I am not certain that I can successfully make this argument, but I look forward to finding out. Hopefully, responding to your post will help clarify some issues for me. As you know, in the past, I have generally been a proponent of free cash flow as a good valuation measure.

If you feel so strongly about that, what is your justification for investing in Siebel?

I didn't fully grasp the magnitude of the unreported employee compensation problem at Siebel unil long after I invested in Siebel. What I have left in the company dollar wise isn't much in the grand scheme of things and the entire episode has become like a bad marriage that includes vague hopes that things will turn around and get better.

Best, Huey
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