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To: H James Morris who wrote (142343)	5/17/2002 8:41:18 PM
From: Oeconomicus	Read Replies (3) \| Respond to of 164684

First, no fair cutting off my quote at "OK". Second, I don't recall Bill ever discussing EBITDA, but perhaps I missed it. Actually, I didn't think he cared about such arcane financial measures of business fundamentals. Third, what the f#@$ do you think EBITDA measures? You bash it as a tool and then talk about Warren Buffett focusing on cash flow. If you had a clue how to read a financial statement, you'd know that the principal difference between EBITDA and cash from operations is changes in accounts receivable, payables and other non-cash working capital accounts.