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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 (238)	4/22/1998 11:00:00 PM
From: Berney	Respond to of 1722

Wayne, I certainly enjoyed the part on IBM. Seems like I suggested it was one of the two bullets that I would put in the gun. The other numbers are so staggering as to appear suspect. I hope you are able to review the data and look forward to hearing the results of your analysis. But then, I'm probably just jealous that I don't have someone giving me these options. Berney

To: Freedom Fighter who wrote (238)	4/23/1998 8:23:00 AM
From: Reginald Middleton	Read Replies (1) \| Respond to of 1722

<Earnings were overstated by 42% in 1995, Earnings were overstated by 57% in 1996> If you follow any of the economic profit schools, or if you are an accountant, you probably have heard that earnings in the US mean very little. With current GAAP rules, it is almost hard not to distort economic earnings. <Annual growth in income may be 2%-3% higher than the Fed thinks.> The fed still relies on accounting figures and not economic figures, at least I think they do.