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To: nommedeguerre who wrote (17346)	2/10/1998 12:03:00 AM
From: Bill Jackson	Respond to of 24154

Norm, IBM is announcing they are buying back stock. You would be very surprised to see how much they actually buy back SFA. An announced stock buy back is usually indicative of geriatric management, with no better options, os a scam with no real intention to actually buy very many shares back at all. A year from now see how many they bought back, versus the announcement they would buy up to X% of the shares out. Bill

To: nommedeguerre who wrote (17346)	2/10/1998 7:04:00 AM
From: Reginald Middleton	Read Replies (1) \| Respond to of 24154

<Is it not a fact that Microsoft has about $30 billion now in outstanding stock options. How much of their earnings went into buying back stock this past year? > ESO's (employee stock options) are a ephemeral thing which have a floating value. The price goes up and down depending ont the attrition rate and the price of the stock has even more of an effect on the optiosn (delta) than traded options due to employee pshychology (that is why you cannot use the veritable Black Scholes methodology). Thirty billion dollars of options will allow the employees to by the entire company for one, and the options are vested, not to mention set out of the money as a meritorious performance incentive. To learn more research Phillipe Jorian and Jaslund papers, or you can just visit my site if your are not succumbing to the "I'd rather call people names and spread propaganda instead of having a productive debate syndrome." RCM rcmfinancial.com