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Technology Stocks : TLAB info?
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To: Chuzzlewit who wrote (2131)2/14/1998 3:35:00 PM
From: JMD  Read Replies (1) of 7342
 
Paul,no real argument here as I am well aware that goodwill is something of a non-issue in evaluating future cash flows. The reason for my anti-goodwill bias is backward looking rather than forward looking. Too often, acquiring companies used goodwill to camouflage the fact that they spent too damn much to buy company X and goodwill got utilized as a convenient fudge factor to cover a mindless acquisition. It's kind of a historical prejudice since pooling of interest seems to be the current accounting treatment du jour and, as you point out, renders goodwill a non-issue. Anyway, it's just one of those things that cause my skeptical-meter to start running, it hits profits directly (even though it is a non-cash charge) and I don't like to see too much of it on a balance sheet. Again however, the Lucent goodwill is kosher as far as I'm concerned. Mike Doyle
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