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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: GVTucker who wrote (53350)	5/23/2001 11:10:29 AM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 77400

The bid and the ask are facts. I guess it is now a matter of how literal we want to be with our semantics. Again, Ed was talking about what "really counts"; among which species, I imagine Buffett would categorize "intrinsic value". Now you are talking about what is or is not a fact or opinion, which is moving the goalposts a bit from the original issue of what "really counts" [to Buffett]. Intrinsic value (or any permutation thereof) is only an opinion. And it only matters if the bid and the ask verify it. While I agree you could call intrinsic value an "opinion" or educated guess of sorts, I disagree with the last sentence. Intrinsic value is an abstract computation that does not need to be reflected in the market. In fact, determination of intrinsic value is "valuable" to the extent it allows one to find values not recognized by the market. This is just Buffett 101 as you know.