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To: Joan Osland Graffius who wrote (192875)	9/19/2002 6:47:20 PM
From: Earlie	Read Replies (2) \| Respond to of 436258

Joan: Excellent work. Taking profits is never a bad thing to do. (g) The company raised $2 billion just a few weeks ago,.... (more debt of course). And I haven't been keeping real close track of late, so it may well have grabbed more. After all, what's a billion or two among friends? (g) IBM is now hollow shell of what it once was, thanks to Louis, and I still expect mid forties before Christmas and mid twenties before next summer. Best, Earlie