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To: Mike Buckley who wrote (51969)	7/10/2002 2:49:19 PM
From: tekboy	Read Replies (2) \| Respond to of 54805

have you made it a habit of regularly pouring through SEC filings? no, I let them stand upright in the bottle for a while so all the crap falls to the bottom. Along with the plain-language laws, that makes de-canting them much easier... tb/A@nittygritty.com

To: Mike Buckley who wrote (51969)	7/10/2002 8:39:02 PM
From: joancee	Read Replies (1) \| Respond to of 54805

I'm sorry, but if you're going to continue this discussion will you please "pore" through the filings rather than "pour" through them? It's hard to read when the paper's all wet! ;(

To: Mike Buckley who wrote (51969)	7/11/2002 12:46:18 AM
From: Stock Farmer	Respond to of 54805

Right on!!! Take it further? There's poring over filings and then there is knowing how to make sense of them. Who's earning what proportion of the value from SEBL's activities, insiders versus shareholders? How hard should it have been for Cisco to make 7.5 B$ worth of profit and have 20 B$ worth of cash if they extracted 30 B$ worth of contribution from shareholders along the way? When did QCOM start actually making money for shareholders, and how long will it be before the money shareholders gave QCOM starts paying back if the business grows from here on in at 15%? How does ENE make money? Why isn't WCOM's shareholder equity growing at the same rate as reported profits? And so on... Millions of dollars available to the first person to correctly answer any one of these questions. Bzzzt... someone else beat you to it. Telecommunications has accelerated the pace of information diffusion to the point that the traditional "last man out loses" game is one or lost in arenas you just can't access. The house wins. Nevertheless, the release of so much information on the Internet created a vast army of armchair analysts. And a marketing machine arose to cater to their egos and their apatite. Fed them enough to hook 'em and then sucked them dry. It's not like wall street is a charity. I have more stuff at my fingertips, instantly, than my Grandfather's entire staff of research analysts could muster in a month. And yet most people assumed that since SOMEONE ELSE was looking at it that they didn't need to. A complacency trap. The sad thing is that now it's supposed to be someone else's fault? We'll end up spending billions to create tons of new laws to protect people from their own complacency, so that we can give them a greater sense of comfort? Yikes... John