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To: Wyätt Gwyön who wrote (3457)	5/5/2001 2:08:53 PM
From: JMD	Respond to of 74559

Fair enough, Mucho. Absolutely agree that 'how the cash got there' is fundamental to accurately evaluating the earnings potential of an enterprise. And it does seem that the magnitude of the high tech employee option programs, not to mention the corporations method of dealing with those programs, have the potential to seriously distort the picture. Our good friend from Omaha has offered some very caustic observations, primarily that the tech outfits are understating their true labor costs by not fully accounting for the value of options granted. I haven't taken the opportunity to educate myself adequately in this area, so will slink off to the green eye shade area of the library and return only if and when I discover something worth posting. regards, mike doyle