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To: Dave who wrote (18208)12/19/2003 10:40:02 AM
From: Bob Rudd  Respond to of 78476
 
Dave: As indicated, I also ran <<The steps along the way like gross margin, operating margin & EBT margin are also stable to improving>> with operating margin being operating income/Rev. I prefer to look at margins in isolation rather than ROE because some of the parts of ROE like the impact of buybacks or chargeoffs on book equity [lowers it], or changes in leverage, distort the message of ROE.