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To: Stock Farmer who wrote (29405)	3/3/2003 1:59:55 AM
From: Don Lloyd	Read Replies (1) \| Respond to of 74559

John, If you responded to my request to make a written promise to never exchange dollar bills for 4 quarters, in any quantity, at any time, would you really suffer a significant opportunity cost? An opportunity cost must represent a real, positive benefit. You apparently don't understand the reality of the substitution of stock for wages. Just saying that stock is substituted for wages doesn't say anything about how much stock is substituted for how much wages. There is no way to tell whether a company that pays out cash wages or one that pays out stock will be more profitable without knowing the terms. It is absolutely certain that some possible terms of exchange must increase the profitability of the company, while other terms do not. This increase in profitability MUST be reported as reality, and not as if the company paid out cash instead. If stock IS substituted for wages, it must be true that both the recipient employee and the shareholders must consider themselves better off as long as the management is meeting its fiduciary duties to its shareholders, no matter how rare that may be. Your insistence in equating everything in dollars destroys the possibility of any mutually beneficial voluntary economic exchange in the first place. Regards, Don