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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: stockman_scott who wrote (52456)8/13/2002 1:59:58 AM
From: paul_philp  Read Replies (2) of 54805
 

Byron Wien of Morgan Stanley recently told a group of security analysts that "stock options malevolence" is at the root of corporate scandal, and that "anyone who says that stock options aren't an expense destroys his credibility on all other issues." Well, Mr. Chambers's company still refuses to count stock options as an expense. The administration has said that it opposes rules that would require Cisco to change its accounting, and the choice of Mr. Chambers as a speaker seems to be a reaffirmation of that position.


I wish my life was so black and white and simple. Why isn't anyone noticing the real story - "Earnings don't matter - free cash flow does!". Moving items around on the financial scoresheets doesn't change the score of the game. The options issue is a disclosure issue not an economic issue.

Beware the hue and cry of the crowd. They were wrong in 1999 and they are wrong now.

Paul
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