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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: pgerassi who wrote (144941)	10/9/2001 11:23:19 AM
From: GVTucker	Respond to of 186894

Anyone who is getting snowed deserves to get snowed. Any proper analysis of a company requires a 10-K, 10-Q, proxy statement, and annual report, at a minimum. If someone chooses not to read these, it is their own fault.

To: pgerassi who wrote (144941)	10/10/2001 4:58:54 PM
From: Robert O	Read Replies (1) \| Respond to of 186894

I skipped ahead to note that GV has already summed up most of my thoughts, i.e., all presentations are easily available, even on free Yahoo!. But the good news for you, Pea, is that I had already set you straight in many of my posts. Your proposition requires us to believe that the market mechanism of discounting cash flows (to get to as best an estimate as possible for a share of stock) is driven by Joe six-pack investor. Pllleeeeeease. Only a greenhorn believes that. Big institutional money drives the market and certainly moves prices (in an arbitrage fashion) efficiently when John Q. Public has been snowed as you surmise. Thus, GAAP rules the roost again and any adjustment an investor wants to take away from a pro forma presentation is just that: judgment based on an argument in a sense by management that certain items are, for example, one time events. Market players can decide for themselves in either presentation! GAAP requires mental adjustments too! Can you even imagine??? Yes it's true. You better back out some of the non-cash items no matter what or depreciation will stop you from investing in lots of companies. Didn't I give you the VRSN example? P/E is -78 those criminals with a market cap. of 10 billion. Call the SEC! The days of dolts driving market prices of concerns like INTC with 50 million share average trading days are over! In fact they never were. Deal with it! So let's sum up just to be clear: 1) The most widely used portal Yahoo! contains both GAAP and Pro forma numbers viewable by anyone. 2) the comparison of GAAP to pro-forma is fairly trivial especially at the bottom line numbers like EPS 3) Anyone 'fooled' by only looking at and agreeing 100% with pro forma numbers will have his trading easily arbitraged away by more sophisticated (relatively) and bigger money trades. 4) Anyone who is so lazy and unsophisticated that they don't really understand there is even such a thing as GAAP probably isn't relying all that heavily on pro forma numbers either. I.e., if CNBC says buy, you better BUY! 5) I think I'll end here. ;-) RO