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To: Don Earl who wrote (13989)	2/21/2002 11:00:46 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78661

Don: Warren Buffett wrote, "If options aren’t a form of compensation, what are they? If compensation isn’t an expense, what is it? And, if expenses shouldn’t go into the calculation of earnings, where in the world should they go?" John Price expands on that a bit here: sherlockinvesting.com followed by: sherlockinvesting.com

To: Don Earl who wrote (13989)	2/22/2002 1:04:54 AM
From: James Clarke	Read Replies (2) \| Respond to of 78661

Options are a very real economic expense. Whether they belong on the income statement or just in an analysis is somebody else's question, but you can't just ignore them. The abuse of options is so extreme that for about a year I have been voting against virtually all options programs on proxy ballots. I read last week that Bill Miller of Legg Mason is doing the same. Thats the only thing that will end this disguised theft from shareholders. Bill Miller's year end letter is great - look on www.Leggmason.com. Here's an institutional investor saying quite plainly that he's disgusted with what passes for investment analysis and management stewardship today. Count me as another. Just vote against these things.