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To: pater tenebrarum who wrote (47841)	12/14/2000 5:49:50 PM
From: Cynic 2005	Read Replies (1) \| Respond to of 436258

Heinz, Don't forget the $11-13 bil drain from their cash hoard due to the outstanding put warrants - about 165 mil of them at an average price of $74/sh. With 50% of $25 bil gone poof, so will book value!

To: pater tenebrarum who wrote (47841)	12/14/2000 5:52:54 PM
From: SeaViewer	Read Replies (4) \| Respond to of 436258

ORCL looks like a scam. Shareholder equity reduced by $1.5 billion from last year, even though it earned a lot of money. Total outstanding shares reduced by 100+ million. They must bought a lot of shares. Book value keeps going down, from $0.91 last quarter to $0.84. It seems the employees are paid in stocks instead of cash, so the margin could be arteficially high.

To: pater tenebrarum who wrote (47841)	12/14/2000 6:00:46 PM
From: GraceZ	Read Replies (1) \| Respond to of 436258

i dimly remember the Win95 PR debacle...but their earnings never missed a beat if i'm not mistaken. And neither did their stock price. There was unrelenting dumping on the part of institutions yet the small order buying public snapped up the shares and the stock held and actually rose. If I'd owned MSFT stock I'd have sold it in '98 when I sold INTC because it was clear then that the growth in the stock price was outpacing the growth in revs. Reduced growth in revenues and all, MSFT is still a big cash machine and cash is going to come in mighty handy to pick up all those bargains that will abound in this tech shake and bake. Things are OF COURSE as BAD as you guys say they are! The desktop is DEAD. The question is, where did it go after that? Just remember, its much easier to have a good quarter after a few miserable ones.