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To: Glenn D. Rudolph who wrote (129295)	7/29/2001 11:35:25 AM
From: H James Morris	Respond to of 164684

Stock options? >"Price-earnings multiples are historically high, and we are going into a period of reduced earnings expectations," says Dennis Muckermann of Alexander & Muckermann. "And the accounting has gotten funnier and funnier. It's not an attractive environment for stocks." Take just one abuse: non-expensing of stock options. Levy figures that if options were expensed, the S&P's P/E would be 34, not 31. And that doesn't include the other mischief, such as premature recognition of sales, gross abuse of pro forma statements and the like.