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Technology Stocks : Siebel Systems (SEBL) - strong buy? -- Ignore unavailable to you. Want to Upgrade?

To: Mike Buckley who wrote (5917)	6/7/2002 11:32:13 AM
From: hueyone	Read Replies (1) \| Respond to of 6974

A quick note: I expect if you were to apply your same definition of free cash flow to Oracle, who according to Mr. Solipsist, is repurchasing shares in the open market to offset dilution from employee stock option exercise, the limitation of free cash flow as a useful proxy for "owner earnings" would become readily visible. Specifically, the owner/company cash outlay to repurchase shares (less the strike price income), would be excluded from the standard free cash flow calculation.....yet I suspect folks would be hard pressed to argue that it doesn't belong there for anyone seriously interested in calculating a useful "owner earnings" number. I suspect I will find the argument in Siebel's case, assuming they are not repurchasing shares to offset dilution, to be more complicated. Now I really do have to go to work! Best regards, Huey