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To: marginnayan who wrote (104833)	9/15/2001 5:10:47 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 152472

i think we both agree there is some gray area. obviously, cos can cut some travel costs through vidconference and the like. but they could have done that anyway. the Q? is what are the actions taken in the wake of 911 which would not have been taken otherwise (to the extent determinable), and what is the incremental cost. that is the drag on business cost, which i submit is a number above zero (and hence worthy of a markdown on equity prices). this figure cannot be known precisely at this point (and hence the appropriate markdown cannot be known IMO), but the market will figure it out eventually. again, my point is not to say what this cost is, but rather that it does exist and should be considered a negative. i wouldn't even say this (thinking it seems self-evident), except i notice some people on SI trying to act like it's a positive, simply because some firms (suppliers of "security") will benefit. in the aggregate, it cannot be a benefit IMHO.