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To: Mike M2 who wrote (5799)	7/25/2000 6:27:11 PM
From: AllansAlias	Respond to of 436258

Surprisingly so, the IIX held the lower line of its rising wedge. As is being talked to death, many indices and issues are playing with their wedge. Anyway, it has held up nicely, again bouncing convincingly off that lower line today. One of the surprises for me over the last 3 months, is the behaviour of the nut issues. There are often days when real tech companies are off, but flea and amazombie are up. Always makes me smirk. --Allan

To: Mike M2 who wrote (5799)	7/25/2000 6:43:29 PM
From: Don Lloyd	Respond to of 436258

Mike - [Don, I have the book. The use of stock options is out of control IMO. It incents management to take a short term view at the expense of the future. Debt financed buybacks will haunt many companies when the next recession comes. Mike ] That is company specific, not a general indictment of options. For example, LLTC reported Q4FY00 tonight. - A typical high tech user of employee options. Share count up 2.7% yr/yr due to not buying back any stock since December, 1998 and all options in the money due to stock appreciation. $1.1B+ in cash/equiv. and zero debt. Net after tax margin of 42%. Quarterly Revenues up 50% yr/yr. Quarterly Earnings up 64% yr/yr. Perfect execution and stock overpriced by 2X. Regards, Don