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To: Walter High who wrote (5832)	6/12/1998 5:28:00 PM
From: gbh	Respond to of 164684

On the other hand, Bob, have you ever heard any CEO (except maybe Buffett) say that his company was overvalued by the market, no matter how high the price was? Yes, MSFT says this in just about every earnings CC I can recall. But Bill lets the CFO actually say it. Gary

To: Walter High who wrote (5832)	6/12/1998 6:47:00 PM
From: Oeconomicus	Read Replies (1) \| Respond to of 164684

Walter, Gary's already pointed this out to you, but yes - MSFT. In fact, didn't they even suspend stock repurchases one time for that very reason? It is not the job of the CFO to go to conferences suggesting some fantasy methodology for valuing her company. It is not even her job to defend the current valuation. It IS her job to keep the books, finance the company, and disclose all pertinent information to shareholders and the investing public via reports and the SEC. This horse is dead. Can we stop beating it? Bob