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To: Don Lloyd who wrote (109155)	6/18/2001 2:34:00 PM
From: Mark Adams	Read Replies (1) \| Respond to of 436258

Assuming that you, and everyone else, will ignore my argument that accounting is not, and cannot be, a complete way to compare different companies Ok- instead of phrasing it in terms of comparing similar companies in the same subsector, let's say we want to gain a rough idea of the net present value of future earnings on a per share basis. If we have no idea of what the potential dilution is, how do we assess the potential of future earnings on a diluted basis? I think I understand your point that accounting is a service to shareholders and management. Could it be extended to potential shareholders? After all, companies do spend money on IR, presumably to decrease their cost of capital. If we don't use the numbers provided by GAAP, then how do we measure relative performance, in your view? I think this is important to understand, as one of the issues (barriers?) with investing in foreign shares is the difference in accounting standards, or lack thereof. TIA