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To: LLCF who wrote (5616)	7/25/2000 2:49:26 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 436258

DAK - [...Unrelated to the topic at hand. Options are very easy to price in dollar terms...] Actually, not true for a variety of reasons. Ignoring the lack of a market for the employee options, and the inherent inconsistencies of BS option valuations, the real problem is that there is no such thing as an intrinsic value. All economic goods are correctly valued only by the Subjective Theory of Value, developed circa 1870, in conjunction with the Law of Diminishing Marginal Utility. To understand the difficulty, try to answer the question as to which has the higher value, a cup of water or a one carat diamond. Regards, Don