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To: patron_anejo_por_favor who wrote (113307)	7/18/2001 5:03:41 PM
From: stomper	Read Replies (3) \| Respond to of 436258

OMG...WTF is that all about!!!! LOL, have you ever seen that before??!! -dave

To: patron_anejo_por_favor who wrote (113307)	7/18/2001 5:08:01 PM
From: PMG	Read Replies (2) \| Respond to of 436258

4:44pm 07/18/01 [IBM] IBM'S EUROPE SALES UP 7% AT CONSTANT CURRENCY 4:43pm 07/18/01 [IBM] IBM'S JAPAN BUSINESS GREW 11% IN CONSTANT CURRENCY It still means something ... that IBM's business or even the economy was in better shape in Europe, which meets my general impression, too. PMG

To: patron_anejo_por_favor who wrote (113307)	7/18/2001 5:22:16 PM
From: Earlie	Read Replies (1) \| Respond to of 436258

patron: LOL!! Now you know why Louis was recommended for the Accounting Hall of Fame. (g) Best, Earlie

To: patron_anejo_por_favor who wrote (113307)	7/19/2001 9:50:46 AM
From: Knight	Read Replies (2) \| Respond to of 436258

IBM's Report & Constant Currency CONSTANT CURRENCY!? Yeah, OK, I'll count yer revenues in constant currency...the minute your employees start accepting their paychecks in Yen and Euros!!! IMHO, you folks are being a bit too cynical about the constant currency thing. The official SEC filings already show the results in dollars. The constant currency information is actually extremely useful because it shows that IBM's business is actually growing in those regions. Obviously, currency fluctuations do affect the bottom line to the investor in the immediate-term, since they get their dividends/appreciation in dollars. However, for long-term investors it's also extremely important to know the constant currency numbers in order to evaluate the business momentum in those regions. IBM is an international company; hence, an investment in IBM, just like an investment in an international mutual fund, carries currency risk as well as business risk. Providing constant currency numbers along with actual numbers allows IBM investors to separate out revenue gain/loss due to currency fluctuation vs. gain/loss due to sales success. There is no attempt to fool the analysts or investors here. In fact, they're actually doing investors a favor by providing this information. The analysts are big boys, they know the difference. Investors should also know the difference (and if they don't understand something so elementary, they probably shouldn't be investing in individual stocks, IMHO).