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To: Lizzie Tudor who wrote (64139)	5/30/2003 11:16:26 PM
From: BWAC	Read Replies (1) \| Respond to of 77400

Excuse me for being a bit dumb, but what is unique and necessary about Google? And why should it be valued as something unique and necessary?

To: Lizzie Tudor who wrote (64139)	5/31/2003 7:07:53 AM
From: RetiredNow	Respond to of 77400

It depends, Lizzie. If cash flows are hugely positive, margins are healthy, and revenues are growing at a fast clip, then Google could very well be a hot IPO, even if stock options expense decimated their income statement. This is because people will look into the future and maybe be able to see that in 1-2 years, the profits will more than offset options expense. Of course, I know nothing about Google's financial statements. But my point is that stock options and their associated expenses are only bad if they are so excessive as to eat up a significant portion of anticipated future profits. So I don't agree with you that stock options expense doesn't count. It does, but you have to figure out whether they've given away the baby along with the bathwater or not.