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To: OtherChap who wrote (18085)	9/23/1998 9:41:00 PM
From: Bill Harmond	Read Replies (2) \| Respond to of 164684

>>Am I the first person to notice this or what? No, you're just really terrible at interpreting earnings reports! :) Who says the money isn't in 2-year notes?

To: OtherChap who wrote (18085)	9/23/1998 9:43:00 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 164684

Am I the first person to notice this or what? D'oh! Good point. Let's see 10.something% debt... invest the proceeds in CP and T-bills that are headed for 3% yields... lose $22 million more the next 12 months than you would had you not borrowed the money... oh, wait, they were running low on cash weren't they... but that's just because they are sooo successful, right? At least YHOO didn't go out and borrow their cash, but a low single digit ROE kind of bites, doesn't it?