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To: Lizzie Tudor who wrote (64766)	9/19/2003 4:19:54 PM
From: rkral	Read Replies (1) \| Respond to of 77400

OT ... Lizzie, re "it is the US and local government that want Google to IPO here ..." Huh? My opinion is a company does an IPO (1) to obtain additional financing to grow the company, and/or (2) to provide an opportunity for founders and other investors to "cash out". Why do you think the government cares about an IPO? Ron

To: Lizzie Tudor who wrote (64766)	9/20/2003 1:02:08 AM
From: Stock Farmer	Read Replies (1) \| Respond to of 77400

Who is going to go public with more than your entire mkt cap in these kinds of "expenses" (which I am sure the founders of Google don't believe are real operating costs) I'm sure the founders of google are looking at those options of theirs and those of their hardworking employees as justifiable compensation for the years and years of working for peanuts to build such a fantastic franchise brand. If you think we invest in IPO companies based on their current reported profits then you are really and truly naive. We invest in IPO companies based on an expectation that they will do better than their current results and some day accumulate enough assets to pay us back several times over. Plus interest. What we need to see is a trajectory that leads to eventual revenues in excess of the eventual sum of all costs, inclusive of dilution. That does not require that current revenues are in excess of current costs, just that things are heading in the right direction. If you think that expensing stock options will kill tech enterprise, then you must already think that there isn't a hope in heck of shareholders ever getting their money out except by tricking some doofus into buying their shares. In which case we're in for a world of hurt. With or without options expensing.