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To: AllansAlias who wrote (29243)	10/18/2000 9:00:40 AM
From: Earlie	Respond to of 436258

AA: Good comments on our favourite darling. The overnight results sure were not helpful to it. With respect to IBM: Back some 12 or 13 quarters ago, I can remember looking at IBM's reported results and shorting it. At the time, the high margin items were caving in and the service contract revenue increases barely brought the top line up to even Y-O-Y. I thought the market would thump it, but just the opposite occurred. And again if memory serves me correctly, that was before a split. The stock price?,..... $48. Shows the level of intelligence at this end. Since then, IBM's numbers have essentially been "flat-to-down", quarter after quarter. Meanwhile, the stock price has floated ever upward, borne aloft, not on decent numbers but on the fact that the fund managers have sucked dough out of more junior stocks to concentrate their resources on the senior fluff. Of course, Gerstner's heavy handed accounting and staggering stock buy-backs have also contributed to the levitation. Over the intervening period, what stunned me was the fact that the market didn't recognize that the little bounder was essentially raping the balance sheet and bankrupting the company. Hopefully, the analysts will finally be forced by events to open their eyes. As an aside, let's hope there comes a day when this man's activities are exposed for what they are,..... a fraud. Best, Earlie