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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: Moominoid who wrote (9556)	7/22/1998 10:33:00 AM
From: Reginald Middleton	Read Replies (1) \| Respond to of 74651

<So your argument is basically that we should look at cash-flow and ignore earnings figures and forecasts?> My argument is really not that basic. Under certain circumstances, earnings and cash flow are very similar. What I suggest is to determine economic earnings (which tends to mirror cash flow) and carry the valuation process on from there. Accounting earnings are erroneous from the start, therefore bound to produce inaccurate valuation results. <What is the value you arrive at for MSFT stock?> I try not to offer my opinion on individual stock prices on SI. This is a capitalistic society. Remember, you haven't paid me for my advice and you tend to get what you pay for. I find this is a very good guideline when dealing with financial "gurus".