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

To: Cynic 2005 who wrote (60743)	5/26/1999 11:55:00 AM
From: BGR	Read Replies (2) \| Respond to of 132070

Mohan, Again, very well said. The latest net increase in outstanding shares for DELL has worried me. This was not the norm in the past 3 years I have been following DELL. I am willing to check out a few more Q's as this may be a blip. But, very good point. -BGR.

To: Cynic 2005 who wrote (60743)	5/26/1999 12:45:00 PM
From: Freedom Fighter	Respond to of 132070

Mohan, Absolutely! I always make sure a company is actually earning in cash what they are reporting. I currently adjust all my earnings and return figures with my estimate of the value of stock options a company grants. I do the same for any other pertinent info too. Wayne

To: Cynic 2005 who wrote (60743)	5/26/1999 1:53:00 PM
From: Mike M2	Read Replies (1) \| Respond to of 132070

Mohan, yes the change in corporate behaviour due to the proliferation of stock options has a been a major accelerant to this mania, however this limits as many companies borrow to buy back shares. Both the individual and corporations are leveraged at or near record levels. At some point a liquidity crisis will result in a most severe dose of tough love for many. BTW in 4Q 98 corporate buybacks exceeded earnings by a substantial margin- not sustainable for those who understand leverage has its limits. mike