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To: Yogizuna who wrote (9501)	1/31/2002 2:35:14 PM
From: BWAC	Read Replies (3) \| Respond to of 17683

Then tell the analysts, and brokerage houses to stop using pro forma for their estimates. THEN the companies wouldn't have to report a separate number. Of cours, THEN you would see a lump loss in this current economy, with no comprehensible language as to how it occured (or how management wants you to think it occured). And the individual investor would see no what if scenarios had the economy not taken such a bad turn. The individual investor would not see or hear what management was guiding/targeting/hoping to achieve in cost and expense ratios once they had aligned business to current conditions. If you say the Headline of the report ought to be GAAP, I can fully agree with that. If you want the information being supplied within proforma presentation eliminated enitrely from the report then I think the individual investor will be done a disservice. Proforma is NOT a substitute for GAAP, It should not be looked as that, It is additonal information. That is all. There is value in its presentation, if it isn't misused and misrepresented.