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Strategies & Market Trends : Value Investing

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To: Mike 2.0 who wrote (6244)	3/8/1999 9:26:00 PM
From: Michael Burry	Read Replies (1) of 78519

Re: accounting shenanigans, PSFT cfomagazine.com The CFO who just "left" PSFT to head up Momentum gave a revealing interview in CFO magazine. Terribly incriminating stuff, if one's ever so much has held The Intelligent Investor or Security Analysis in their palms. Near the end, he sums up the tricky dick stuff re: the trojan spinoff. "The fact of the matter is that right now the way the world works is investors are very focused on things like earnings per share and price/earnings ratios. No matter how the analysts try, I don't think they are going to have a lot of success in adding these things together and creating a set of metrics that don't match PeopleSoft's earnings releases. I find that a fundamentally difficult proposition, given the models they use and the guidance they receive. How could PeopleSoft go on record projecting any earnings at all if it's not obligated in any way to do what the analysts expect?" Good investing, Mike

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