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

To: JeffT who wrote (56668)	1/15/2002 2:09:06 PM
From: Stock Farmer	Read Replies (1) \| Respond to of 77400

Reminds me of the classic argument between (in this case) a CPA and a software guy: CPA: "I want to report a bug [... symptoms... ]" SW Guy: "That's not a bug, that's a feature" CPA: "Listen buddy, maybe it's a bug, maybe it's a feature. It doesn't work the way we want it to work, so whatever you call it is irrelevant. What's important is what it is. And it isn't what we paid for, so fix it." Only the shoes are on the other foot, it seems ;o) The point about whether or not a share is or is not a debt obligation by the company to its holder is a fine one. Fine enough that very few specialist angels can dance upon it. And I have no more desire to dance there than you do. So leaving aside how we label things in the appropriate places at the correct pages of the ledger, we still have an issue. Which is how to view, value and and describe Cisco's business, vis-a-vis its accumulation of equity (which is what we divide up in the end). In the end, come divie-it-up day, it's a share of the equity that shareholders can expect to own. What they own and swap and chart and track and talk about in the middle is another story altogether. I think this is fertile ground for some discussion but it requires a response more careful that my time permits. More later. John