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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Stock Farmer who wrote (63636)	4/20/2003 12:06:28 AM
From: Don Lloyd	Read Replies (1) \| Respond to of 77400

John, By reflecting the value that shareholders part with as an expense to the company, This is impossible. All expenses suffered by the company are also suffered by the shareholders, subject to adjustment, but the reverse is not true. The distribution structure of a company's stock, who owns what, is a map that transforms ALL of the changes in the fortune of the company onto its shareholders. This map only functions in ONE direction, but is NOT invariant. To understand the state of the shareholders, BOTH the state of the company AND the state of the map must be understood. While changes in the map are often but not always associated with changes in the state of the company, the map ITSELF cannot affect the state of the company. Regards, Don