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To: The Duke of URL© who wrote (1842)	10/3/2002 7:52:51 PM
From: Oeconomicus	Read Replies (1) \| Respond to of 4345

Do you really think Dell management is stupid? They would have to be to do what you suggest - capitalizing advertising spending.

To: The Duke of URL© who wrote (1842)	10/3/2002 11:19:19 PM
From: BelowTheCrowd	Respond to of 4345

Hmmm, I've looked through their summary filings and that does not appear to be the case. They show about $700m SG&A per quarter over the past year, more than enough to account for a healthy ad budget. At the same time they show between $55m and $94m in capital expenditures each quarter. Could some of that capital expense be targeted towards advertising? Obviously it's possible. The fact that the capital expenses are highest in the Christmas quarter is somewhat suspect, but typically that is the strongest quarter of the year, during which you would expect lots of business activity to be stronger than other quarters. I would not claim the possibility didn't exist, but nothing jumps out at me right away. It's probably worth digging deeper though. mg