How high will Microsoft fly? Message Board

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Technology Stocks : How high will Microsoft fly?

MSFT 490.06

+0.7%

Dec 2 3:59 PM EST

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To: Reginald Middleton who wrote (8625)	6/24/1998 3:55:00 PM
From: Wizard	Read Replies (1) of 74651

>>The problem is most individual investors don't realize that earnings are not synonomous with money. They are a ephemeral construct of accountants - very useful for accounting, practically useless for economic valuation. Now you are getting a little extreme, Reg. Earnings and stock valuation not correlating I understand and there are flagrant mis-uses in the application of accounting but its flaws do not deem is useless. Its bean counting and adjusting so that the matching principle applies. Lots of assumptions in accrual accounting but nearly all of the assumptions make sense in theory. In practice, the income statement gets tweaked but its not useless.

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