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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Bob Rudd who wrote (18206)	12/18/2003 9:02:42 PM
From: Dave	Read Replies (1) \| Respond to of 78476

Bob: You may want to consider "altering" the calculation of ROE a bit from Net Income/Shareholders' Equity to Operating Income/Shareholders' Equity. By evaluating "Operating Income" you exclude for the most part the effects of a company's capital structure and you get a "truer" picture of how the company is operating. Also, since MSFT has a cash hoarde, when comparing MSFT to other SW companies, it gives you a better number for comparison purposes.