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To: jeffbas who wrote (9743)	1/26/2000 2:20:00 AM
From: James Clarke	Respond to of 78515

Jeff, you sound worried. I have no more insights than anybody else into "events" - the catalysts are there for all to see. And Mike's point deserves thought. I have given my thoughts, and I'm sure Mike will respond. This is a dry academic finance/accounting debate to some, but if you own Elder Beerman, I'm sure it is more than that. Mike has proven me wrong before when we have these debates and other times we've agreed on my side of the question - but in hashing it out, we all learn something. I take his thinking very seriously, and this question on operating leases is not closed yet. Ben Graham discussed the same question in 1934 in Security Analysis, so we're on hallowed ground here. My Graham text is sitting on my desk at work, but I think I might be arguing with him too. I'll check that tomorrow if I can make it to work through a foot of snow. Anybody else on the East Coast, be careful driving - it is just brutal out there. And Mike in warm Palo Alto...just send me a postcard.