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

To: hueyone who wrote (5922)	6/7/2002 3:55:56 PM
From: David Howe	Read Replies (1) \| Respond to of 6974

I don't disagree with what you are saying. My point was that the extrordinary value of options being cashed in the last couple of years is an aberration. The huge stock appreciation of the late 90s caused these option grants to have tremendous value. It's very difficult for me to see this aberration as anything but an aberration. Showing this as an expense on the income statement is fine, but thinking that it has much if any bearing on the company's value is wrong. Option grants will have much less value in the future, and expensing them in the future will have minimal effect on the income statement. That's fine, but looking at them last year and saying that SEBL lost $400 million is completely ridiculous. IMO, Dave