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To: Larry S. who wrote (39995)	5/29/2002 6:47:42 AM
From: Joe Stocks	Read Replies (1) \| Respond to of 53068

Merrill says finds one yellow flag in Cisco's 10Q (CSCO) By Emily Church Merrill Lynch told clients it found "no major alarms" in Cisco' accounting practices, but the broker said it did "find one flag in the document." Cisco Systems (CSCO) filed its 10Q with the SEC late Tuesday. Cisco's allowance for doubtful accounts is at record levels at 7 percent of quarterly revenue even as accounts receivables decline and revenue has been steady, Merrill notes. It means that around a quarter of all Cisco's accounts/receivables are reserved for. Merrill said the doubtful account bears watching, but keeps a mid-term buy rating on the stock. "It is not necessarily negative that this account is large, just something to monitor for futures earnings quality," Merrill said. Cisco was off 23 cents at $16.15 in euro trading.

To: Larry S. who wrote (39995)	5/29/2002 9:09:50 AM
From: E.J. Neitz Jr	Read Replies (2) \| Respond to of 53068

Stay Vigilant! We are in the "give up" stage of the market. Perhaps no massive capitulation( probably had it), more likely--just malaise for some time. Pick your targets, scale-in and prepare for the next bull market. There are a lot of compelling values, however very important to watch company's balance sheet(debt and interest coverage)....need to be strong enough to be around for the next cycle. For me, at this point...now just 12% invested in pure long term stock account. I am going slow but with long term optimism. Just IMHO.