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To: Meathead who wrote (163092)	12/5/2000 9:07:20 PM
From: BWAC	Respond to of 176387

Definitely amazing. Even worse look what the people piled right back into today. The same old overvalued overhyped stuff. Like its all they know.

To: Meathead who wrote (163092)	12/6/2000 8:02:20 AM
From: GVTucker	Respond to of 176387

Slightly OT, RE: AAPL and cash It's even more extreme to me, because AAPL also has almost $800mm in non current debt and equity instruments, so the cash/marketable security line is more than $4.8 billion. Obviously you have to net out current debt/liabilities, but the number is still a big number. So what's the problem? Well, the biggest issue here is that we're dealing with dated information. And AAPL is unquestionably burning cash right now. In the last reported quarter, even though AAPL reported a $170mm profit, they still burned through $200mm in cash. And given that we still haven't seen the real (i.e. 10-K) numbers from that quarter, you still don't know for sure. Given that they're looking at a loss for the current quarter, you can bet that they will have a huge cash outflow. Interesting note: even though AAPL has reported a profit every quarter this fiscal year, for the 2Q and 3Q, book value per share actually declined. Again, we'll have to wait until they file the 10-K before the 4Q book value can definitively be calculated. Talking of book value and techs would have been unheard of just a few short months ago. It is starting to feel like 1983. That was at the beginning of the bull market for all stocks, but it was the beginning of a really tough period for tech stocks. It took stocks like INTC 6 years to top their 1983 highs for good. Of course, for very long term holders, this still paid off, as the 1983 high in INTC was a split adjusted $1. It didn't necessarily work out so well for others, though. DEC, for example, was purchased in 1998 at a price lower than its 1983 high.