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To: MythMan who wrote (175627)	6/26/2002 2:05:39 PM
From: GraceZ	Read Replies (2) \| Respond to of 436258

T is just being mismanaged. LOL! You know we're in a slump when the merely mismanaged start to look attractive. Its times like this that Peter Lynch quote comes back to me about how "you want to invest in a business so good even an idiot can run it because sooner or later....."

To: MythMan who wrote (175627)	6/26/2002 2:29:24 PM
From: reaper	Read Replies (1) \| Respond to of 436258

<<There is a real business there imo>> Which real business would that be? AT&T Canada? How about Excite/@Home (remember the put they had given to the cable companies)? Maybe the IBM Global Network? Concert? Maybe the cable business, with its industry-low margins despite under-investing for years in capex? 'Real businesses' produce FREE cash flow for equity holders. Perhaps you can point me to a business of T that produces free cash flow. Oh, you don't care about cash flow, because AT&T has 'asset value'? Like the under-funded pension and other post-retirement benefits liability? Or the $28 billion deferred tax liability? How about that negative tangible net worth; the proverbial "margin of safety" preached by Ben Grahm. <<Those cos. were shams, built on sham acquisitions and run by crooks. >> T is a business built on stupid acquisitions and even stupider financial management run by morons. I'll stick with the crooks. Cheers