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To: Mark Adams who wrote (109149)	6/18/2001 3:42:25 AM
From: Don Lloyd	Read Replies (1) \| Respond to of 436258

Mark - >>>In a practical sense, is it really such an imposition for an investor to be required to evaluate the level and trend of dilution? Or the prudence of spending shareholder funds to buy back stock at a given price? >>> No. But I happened to take a look at JDSU last friday, and without substantial effort (and even then) I would not be able to say what the outstanding incentive option positions might be. As a result, I pass on trying to set a buy level, in favor of sticking to companies I know better. Is this really in the best interest of the markets? If clear and concise info were available, it would make capital less expensive, no? I'm not suggesting that it should be so simple a monkey could run a screen and come up with the correct answers. I already recogonize the complexity introduced by various sectors and subsectors when trying to compare companies, not to mention incorrect or poor classifications. For the most part, I rarely using screens, unless it's an occasional 'worst performing subset over the past xx time'. Assuming that you, and everyone else, will ignore my argument that accounting is not, and cannot be, a complete way to compare different companies, it would be an improvement to count every open option grant as an increase in diluted share count, rather than discriminating by current stock price. This would not be a burden as the companies could just void the options that are 400% out of the money. Then a time series of the diluted share count could be used to offset part of growth rates if necessary. It might be even better to use a modified time series that doesn't allow the share count to be reduced by stock buybacks. Regards, Don