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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: kvkkc1 who wrote (55156)	9/9/2001 1:27:34 PM
From: Stock Farmer	Respond to of 77400

Kvkkc1 - a few comments. In a fair comparison, GAAP vs pro-forma isn't exactly apples to apples. I'd have done pro-forma to pro-forma if I had a press release from 6 years ago. But I don't. It's true that I'm not a fan of pro-forma accounting. But at least I've been consistent about that from the very beginning. It would be funny to hear someone try to accuse me of adopting a stance because it was "popular"... lol... Also, the reason the stock is "down" has more to do with your reference point than anything else. If we take your purchase in '93 for example, then the stock is up nicely. Just not as up nicely as it was a few months ago. I happen to think that the stock is down simply because it is less up than it was. And indeed that it is still has more of this "less up" to go before it hits 'fair' value, and then might even experience some "down" from there. I agree that the price isn't fixed in the market by anything resembling intrinsic value. At least not day to day. Any more than gravity determines the position of a swing. Momentum is important. You were smart in '93 to buy. 10x return in 8 years is 33% return per year. On par with some of the top mutual funds over the same period. Retrospectroscope sees everything. It might have been nicer to capture 63% compounded gains and then have something to brag about. But in the end it's like fishing: the only thing that counts is what you catch, what slips away is merely a good story. And there's more than enough fish stories being told. At least we are agreed this is a lousy time to buy. And I suspect that the piling-on of agreement in this account may make it a better thing to agree about and so on and so on. Which could make for a very interesting kettle of fish. John