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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: Freedom Fighter who wrote (235)	4/21/1998 11:34:00 PM
From: porcupine --''''>	Read Replies (3) \| Respond to of 1722

Wayne -- this is a terrific expose'. I'm amazed that anti-dilution eats up 50% of MSFT's cash flow (not free cash flow!?). The last number I read was 30%. << I like IBM's model. It issues 1% to 2% in options annually, handily outperforms its peer group of computer hardware producers and has reduced outstanding shares 13% since year-end 1995. The IBM annual, one of just a handful this year that made sense, focuses on strategy and implementation. Yet another reason my firm still owns a lot of the stock--which I recommended some time ago. >> porc likes that part --'''':>