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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: regli who wrote (48269)	12/28/2005 9:28:07 AM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 110194

good essay. although regarding... In the high-tech arena, time to market of design innovation is critical. By deferring cost through the use of employee stock options, i always thought the use of stock options was simply a way for insiders to monetize proforma profits, since the industry itself makes little to no money in the long run. even the most "successful" computer assembler, Dell, has used most of its profits over the past 10 years to simply buy back stock, reducing book value. Message 21398663 in his latest letter Fred Hickey points out that Dell made $17.2 billion after tax net over the last ten years, but has only one-third ($5.6 billion) left on the balance sheet. what happened to the rest of the money Dell "made". also book value in latest Q fell to $5.6 billion or 2.24 per share, from $6.1 billion or 2.35 per share a year earlier, despite "record" earnings. what is with the disconnect between supposed earnings and retained value over such a long time period (10 yrs, and 1yr), at a company that pays no dividends?