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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Earlie who wrote (44594)	1/26/1999 12:10:00 PM
From: Ilaine	Read Replies (2) \| Respond to of 132070

>>>>>Did you have any idea that MSFT's "earnings" were so assisted before this commentary?<<<<< Well, Mike-and-Will did post link to Forbes article a while back, but until I read the Forbes article, not really. I agree with the suggestion that these facts should be made more obvious for those not into "forensic" accounting. Stock analysts should be more diligent in pointing these things out to investors, who do really care about earnings, no matter how it may seem. Mike-and-Will suggests that accrual accounting is partly to blame, but IRS prefers corporations to use accrual accounting.

To: Earlie who wrote (44594)	1/26/1999 12:13:00 PM
From: Mike M2	Respond to of 132070

Earlie, ho ho ho Charles Ponzi would be proud. Like Wm. Fleckenstein I am waiting for signs of exhaustion for the market. Valuation levels and accounting gimmickery don't matter to most nor will it until the bear begins in earnest. It seems that the leaders of Wall St and the government have no fear of a bust which is inevitable. We have to wait for the last dollar to come into the market. Bob Rubin does not feel it is appropriate for a Treasury Secretary to comment on the levels of the stock market but i bet he changes his mind WHEN the market tanks. Mike