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Strategies & Market Trends : Gorilla and King Portfolio Candidates -- Ignore unavailable to you. Want to Upgrade?

To: Mike Buckley who wrote (43432)	6/13/2001 1:12:03 AM
From: LindyBill	Read Replies (1) \| Respond to of 54805

The following is my second e-mail to Mark Verbeck of Epoch People, as I read these two Emails of Merlins, I shook my head and laughed as I thought of the Mark's reaction to them tomorrow Morning. I am sure his first reaction is going to be: WHO IS THIS GUY! I hope his second reaction is appreciation that someone is doing DD on his report. This kind of information exchange is only made possible by the internet. I have posted a lot about "Speed" being the thing to look for in finding out what was going to be important in the future, and this kind of exchange is a result of that speed being available through the Internet. I had another example of this today. I like to read Police Procedurals. I discovered an Author I had overlooked, named Dan Mahoney. He is a retired NYPD Captain who has written 5 Novels in the last 10 years featuring a fictional Detective on the NYPD, and they are excellent. I did a search and found that he had a web site. I wrote him a note thanking him for his excellent books. I got back two emails today from him, thanking me for writing, and enclosing an attachment of the first 14 chapters of his new book that will be published this year. We are now engaging in an Email discussion about our mutual love for Waikiki. These kind of minor exchanges are going on all over the world today. What a future the Internet gives us!

To: Mike Buckley who wrote (43432)	6/13/2001 3:12:00 AM
From: hueyone	Read Replies (2) \| Respond to of 54805

SEBL Free Cash Flow? Mike: Your interpretation regarding the disclosure at the end of the report could well be correct. After my initial, quick review of Epoch's handling of various quantitative measures and my subsequent conclusion that they were doing a less than adequate job with some of the numbers, I may have started looking at other parts of the report from too negative a perspective. I certainly appreciate you writing to Epoch for further clarification. It sounds like you were quite favorably impressed with their understanding of the dynamics of the CRM industry. Here is another mystery to me in the report: If you click on the Dynamic DCF Valuation Model in PDF form, you will see negative 3.11 billion dollars reported as free cash flow for SEBL for year 2000. It is actually written as -3,111 in a table with the numbers reported in millions. For comparison purposes, in my spreadsheet, I have calculated a positive 276.4 million in free cash flow for SEBL for year 2000. My calculation is based on 438.6 million in cash from operating activities less 162.2 million in capital expenditures. With 519.87 million diluted weighted average shares outstanding, this results in 53 cents positive free cash flow per share. I would be interested in what number you and Pirah get for free cash flow per share for year 2000. It would be nice if more than one person could arrive at a similar calculated result for any one, quantitative measure regarding SEBL!! (gg) epoch.com yahoo.marketguide.com Best, Huey P.S. I apologize if the answer to my free cash flow inquiry is already fully explained in the report. I still need to get this report printed and read in its entirety. Thanks again for your comments.