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To: Nathan who wrote (68004)	2/15/2001 1:30:51 PM
From: Nathan	Read Replies (1) \| Respond to of 436258

Anyone concerned about dell call tonight. I thought I read a couple of weeks ago that they said business was picking up very quickly. We're they lying since I don't see the need to layoff 4% if things are improving so fast? If they say that tonight it will be to the moon....

To: Nathan who wrote (68004)	2/15/2001 1:41:34 PM
From: Efthymios H. Zacharias	Read Replies (1) \| Respond to of 436258

Unfortunately no. You see it could have happened had I not bought a boatload of March 100's yesterday (already underwater). Pretty bearish view of IBM. Can it happen?

To: Nathan who wrote (68004)	2/15/2001 3:47:19 PM
From: Earlie	Read Replies (1) \| Respond to of 436258

Nathan: About 18 months ago, I wrote a fairly lengthy piece on IBM's accounting shenanigans. It upset the IBM brass sufficiently that shortly thereafter, an analysts' conference was convened wherein each and every one of the criticisms I levelled at Big Blue were addressed, albeit rather lamely (I had a ball rebutting their silly arguments). Even back then, it was obvious that IBM's day of reckoning was drawing closer. Revenues had shown little or no growth for many quarters, earnings were flat (in spite of the accounting B.S.), the balance sheet was imploding and shareholder equity was vanishing. Louis had even back then, made use of questionable tax assumptions, pension fund clipping, extreme front-end booking of multi-year "service" contract revenues, SG and A treatment of the sale of assets and stock buy-backs, etc (the list is much longer) to nurse his share price into the nether regions. IBM will take it in the throat when he finally runs out of either borrowing room (which is close) or new accounting dodges. Yes, I see this as inevitable but darned if I can call the timing. I would bet that it occurs this summer, but remember the nick-name. (g) Best, Earlie