BFT: Will the tulip craze ever break down? Message Board

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Strategies & Market Trends : BFT: Will the tulip craze ever break down?

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To: B Tate who wrote (267)	4/6/1998 10:00:00 PM
From: Pancho Villa	Read Replies (2) of 650

Thanks for the compliment. More to come when I get a chance. I honestly believe that, besides the guys at BFT that prepare the SEC fillings and me, not too many investors read them carefully. Please be aware BFT is not doing any thing illegal here, just using the flexibility of accounting in their favor, who wouldn't! The changes in accounting here are causing some temporary distortion until eventually steady state is reached. IMO a decline in revenues is coming if all the wonderful ides to expand the revenue base do not work, or just work partially. There is a term used in the business: "quality of earnings" Suppose you have two companies in the same line of business, same growth potential. One uses very conservative accounting, the other uses very liberal accounting. It is said the earnings of the former are of higher quality so even though they may appear to be less profitable interms of return on sales, etc. they, may sell at a higher multiple. Pancho

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