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To: Reginald Middleton who wrote (20794)	9/1/1998 2:06:00 PM
From: Charles Hughes	Read Replies (2) \| Respond to of 24154

>>>Asset value plus prospective discounted cash flows equals the value of your company, nothing more to it. Earnings are not obsolete, <<< So, nobody still thinks this :-) I'm glad you are flexible. Earnings and assets will now for a time be the sine qua non for investing, as always in downturns. >>>You should break out your calculator and see if we have arrived yet. <<< We have not. Since at one point you said 600 unadjusted for a split was not irrational, post split your price would be 300. Since the split was 2/1, I don't need a calculator, thanks. I can still divide by 2, despite my advanced age. >>> Pessimism without the power of observation is dangerous. Written like a true tyro. One needs pessimism, optimism, patience, and many other attitude possibilities to succeed. One also needs a good memory. As for the perceived powers of observations of any individual, well unfortunately that is subject to a powerful observer effect on the part of the second party. I'm glad to see you haven't completely lost your self confidence, in spite of all your models becoming do-do in the ongoing bear market we are now in. Then again, neither has Mr Ruff or Joe Granville. (I think one or both of them finally became bulls just last year. Pretty funny, except for the results for the retired folks who subscribe to their newsletters and web sites. >>> You have not been on the board long enough, but MSFT is up to nearly 100 (from about 28 on a split adjsuted basis since I started posting on this forum) after a 20+% broad market correction. As I say, you need 300 split-adjusted to be right at this point. Which you are not going to get until sometime the next century, if ever. >>> If you are not convinced now, you will never be. That you were right on either of these two particular points? Perhaps not. Cheers, Chaz