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To: Lucretius who wrote (202373)	11/5/2002 10:32:49 AM
From: orkrious	Read Replies (2) \| Respond to of 436258

Doug Kass Shorting IBM 11/05/02 09:54 AM EST I am now renting some IBM (IBM:NYSE) on the short side again. IBM's 10Q was filed last night. DSOs stood at 110 days; 160 days if you include the long-term accounts receivable. Though the DSO level improved sequentially, the allowance for doubtful accounts rose materially, suggesting the company is growing increasingly concerned about customer payments. The leasing subsidiary was within guidance of 7-1 debt/equity levels. The nonleasing business is now more than 8-1, and the commentary in the Q suggests that this figure will rise further. From reading the filing, sell cycles seem to be lengthening. I believe IBM is vulnerable as the 10Q commentary gets around and in light of the swift run-up. Short IBM.