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To: Spekulatius who wrote (34394)	11/6/2000 11:16:54 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

even so, the jumps in those categories caught my eye. i'm not sure if investments were marked to market or sold, or both. in any case, it looks like there's enough in the cookie jar to continue to manage earnings for a few quarters, unless the operating side takes an unexpectedly large dip. i'm beginning to wonder though if the strategy of paying huge sums of funny money to take over firms with little revenue but lots of goodwill won't be backfiring in a downturn. after all, the share count keeps increasing by leaps and bounds... and in a downturn, goodwill often turns into ill will and multiple compression. let's not forget, that similar to the NAZ as a whole, the mania has led to CSCO's p/e breaking out of a long term trading band and increasing way above the historical upper range (p/e of 45). a return to the upper range would imply a 50% haircut. a bear market overshoot...well, let's not go there...John Gustafson will just love it at such prices though.