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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (14918)	7/24/2002 5:10:08 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78536

AOL accounting: I'm assuming here the bad news is that AOL has done "intercompany" or "phony" or "revenue enhancing swaps" (pick an appropriate word/expression) buys where the Time-Warner segment "buys" advertising - and substantial amounts of it - on AOL thus enhancing revenue. Or has cut deals with others that are accounted for as 'revenue' but are sham or estimated-over-life or other "odd" deals. Somewhere in the pile that's AOL, there's got to be a business with real revenues and I hope real potential for earnings. If the stock has to drop further before or while AOL cleans up its accounting (assuming there is a problem), so be it. 18 months from now, it'll be forgotten, and the stock might rise higher than it is now.