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To: gdichaz who wrote (38472)	1/26/2001 4:04:26 PM
From: Mike Buckley	Read Replies (1) \| Respond to of 54805

Cha2, Regarding your point about GE's lending subsidiary, Qualcomm was in the lending business by virtue of the financing it took on when it used to sell infrastructure equipment. That's a business of buying money and hoping to sell it for more than it costs, just like any product. In my mind, that's different from investing in a company and hoping to sell the stock for more than it was paid for. Again, net cash flow is probably the best metric to use as a proxy for financial performance. Agreed, but my proposition is that the net cash flow generated from daily operations (excluding the cash flow gained from the sale of securities) might be the metric to use. We could debate this forever. No one is right nor is anyone wrong. But it is good to put a spotlight on the issue so everyone understands what's behind the numbers, understands how they are initially presented, and can make a decision about how to view or alter the financial statements to meet each individual's standard of examining companies. --Mike Buckley