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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Uncle Frank who wrote (54410)	10/8/2003 3:11:53 PM
From: Mike Buckley	of 54805

Frank, Maybe I'm tapped into the wrong data feed Still relying on data feeds? Sheesh! What do those numbers represent? Investments made? Net investments including interest income and realized gains and losses? They include investments in what -- CAPEX, equity, debt? If you look at outstanding commitments, they have declined about $120 million or 15% since the end of FY02. Even so, over half of the value of those commitments is the result of the Ericsson infrastructure deal made years ago. When you mention that cash flow is "repeatedly hammered by investment losses," QSI pre-tax losses were reduced by about $600 million (about 55%) in FY02 from FY01. And with the exception of FY01 when free cash flow decreased 11%, it has been consistently and dramatically improving since FY98. You think the company won't change its primary focus to ROI until Dr. J retires. The last time I looked (six months ago) ROIC had dramatically improved during the previous year. So, I have no idea how you draw your conclusion. --Mike Buckley

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