From: owner-canslim-digest@lists.xmission.com (canslim-digest) To: canslim-digest@lists.xmission.com Subject: canslim-digest V2 #2259 Reply-To: canslim Sender: owner-canslim-digest@lists.xmission.com Errors-To: owner-canslim-digest@lists.xmission.com Precedence: bulk Content-Transfer-Encoding: quoted-printable X-No-Archive: yes canslim-digest Monday, April 1 2002 Volume 02 : Number 2259 In this issue: [CANSLIM] Accounting Know-how Re: [CANSLIM] Accounting Know-how Re: [CANSLIM] ACS & AVNT [CANSLIM] Fw: ACS [T20020401005S] [CANSLIM] "M" [CANSLIM] Economic Summary for the week Re: [CANSLIM] DFXI Re: [CANSLIM] DFXI ---------------------------------------------------------------------- Date: Mon, 1 Apr 2002 01:54:44 -0600 From: "Katherine Malm" Subject: [CANSLIM] Accounting Know-how This is a multi-part message in MIME format. - ------=_NextPart_000_019B_01C1D920.31F7F880 Content-Type: multipart/alternative; boundary="----=_NextPart_001_019C_01C1D920.31F7F880" - ------=_NextPart_001_019C_01C1D920.31F7F880 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable A nicely done article from this weekend's Barron's on where to look and = what to look for when performing due diligence.... reminds me of = something a good friend of mine said recently..."The only thing I = remember from those accounting courses you and I had to take was that = everything we really needed to know was in the footnotes..." - --Katherine MONDAY, APRIL 01, 2002=20 Scrutinize This! Accounting professor to investors: Put on your eyeshades and sharpen = your pencils By Jacqueline Doherty Recent bankruptcies such as Enron and Global Crossing have made it clear = that securities analysts need a deeper understanding of the financial = health of many companies they cover. It is no longer enough simply to = know a company's products and build a spreadsheet to model earnings. The = best analysts, and for that matter, the best investors, need a firmer = grounding in corporate accounting, and greater expertise in navigating = the twists and turns of financial statements. At Morgan Stanley, their = guide is Trevor Harris. The New York-based brokerage first hired Harris, a professor of = accounting at Columbia University, in 1997. His mission: to reconcile = the differences in the accounting policies of many countries, so that = the firm's analysts could compare industries on an "apples-to-apples" = global basis. =20 Harris, 47, remains on leave from Columbia, and now serves as head of = Morgan Stanley's global valuation, accounting and tax policy team. His = work with telecom analyst Simon Flannery resulted in a controversial = report about Qwest Communications last summer that questioned the = company's accounting. The concerns that Flannery raised have helped = drive the shares to a current 8.22 from the mid-30s. More recently, Harris and Christopher Stix, a Morgan Stanley technology = analyst, gave their blessing to Cisco Systems' ledgers, after concluding = the company had been conservative in increasing reserves by $2.2 billion = to reflect the deteriorating value of its inventory and likely equipment = returns. Harris, who grew up in Zimbabwe and graduated from the University of = Cape Town, in South Africa, took an indirect path to Wall Street. For = one thing, he worked as an accountant, at a firm that later merged with = Arthur Andersen. After earning his doctorate in accounting at the = University of Washington, he became a professor at Columbia, ultimately = chairing the university's accounting department. But he continued to = keep one foot in the real world by consulting to companies and = investors. How should investors without accounting degrees tackle financial = reports? It helps to remember that they're open to some interpretation. = "We've created a perception that there is precision in numbers like = earnings and free cash flow," Harris says. "But accounting is not that = concrete. We have to make choices." Harris argues that U.S. accounting has become too bound by rules and = regulations, in part to protect accountants and their clients from = litigation. As a result, the system has sacrificed the forest for the = trees. "We lost sight of what we are really trying to do: paint a = picture of a company's economics as best we can, knowing it's = imperfect," he says. Had accountants looked at the big picture, as Harris suggests they = should have, surprises like Enron and Global Crossing might not have = occurred. In the case of many telecom companies, for instance, = accountants might have questioned why revenues continued to climb even = after customers ran into trouble. Instead, it appears they merely signed = off on the particulars of "fiber-swap" transactions, which allowed = companies to book the sale of fiberoptic capacity as revenue, but = capitalize the purchase of fiber -- that is, write down the value of the = purchased asset over time -- instead of treating it as an immediate = expense. As a result many companies enjoyed inflated earnings. Harris urges investors to evaluate a company by first comparing reported = earnings with cash flow. If earnings are rising but the company is not = generating any cash, it might be using accounting to inflate profits. = Like some telecoms, it may be capitalizing instead of expensing costs -- = a dubious practice under certain circumstances. When the sale of a product generates a receivable, as is the case in = most corporate transactions, revenues increase without a boost to cash. = The situation becomes problematic if and when customers don't pay their = bills. That's why Harris pays particular attention to days' sales = outstanding, the number of days it takes for a company to collect. To calculate this number, divide revenues by receivables, and multiply = the result by the number of days in a quarter. Then compare that results = with the company's, and competitors' historic trends. If days' sales = outstanding increase significantly, the company may be pushing products = or services on customers who can't pay, or don't want the goods, which = is what Sunbeam did several years ago. Companies that "stuff" their = customers' inventories in such fashion have a tough time in future = quarters. Places to Poke Harris recommends checking these items before investing. . Statement of Cash Flows: Compare cash flows to earnings to = see whether profits are being translated into cash. If not, question = earnings. =20 . Management Discussion and Analysis: Gives management's = insight about past and future opportunities and potential pressure = points. =20 . Statement of Accounting Policies: Discloses what = accounting methods were used for items such as revenue recognition and = inventory valuations. By changing accounting methods, companies can = artificially increase or decrease earnings. =20 . Deferred Tax Note: Describes the difference between the = value of assets and liabilities used when reporting taxes and the value = used in preparing earnings. Shows how quickly companies are drawing down = reserves. =20 . "Other": When a company classifies something as "other," = this usually refers to an item or adjustment on which management doesn't = want investors to focus. =20 =20 =20 =20 Yet, a spike in receivables doesn't always point to problems. IBM showed = an increase in receivables in late 2000, but the shift occurred because = the company saw great demand for a new product launched near the end of = the quarter, Harris says. The key, again, is the rate at which = receivables are collected. Harris advises tracking a company's inventory levels, too. That's done = by dividing inventory by the cost of goods sold, and then multiplying by = the number of days in the quarter. If the result falls below that of = previous quarters, or below competitors', the company might be = manufacturing products more efficiently, which would lessen the need to = keep excess inventory on hand. Conversely, when inventory levels rise = without a commensurate increase in sales, a company might be tying up = cash that could be used more productively elsewhere. Too, rising = inventories can mean a product isn't selling well, or that a new product = is being stockpiled prior to a launch. Nonetheless, question. Depreciation is a non-cash item that's often ignored. Dividing capital = expenditures by depreciation, says Harris, may offer clues as to whether = a company is investing sufficiently in its business. Typically the ratio = of capital spending to depreciation is 1-to-1.2. A lower number implies = the company is cutting back on expenditures, perhaps to cut costs -- a = development that may spell future trouble. Annual and quarterly reports yield much useful information, not all of = it in the income statement or on the balance sheet. Harris recommends a = careful reading of management's discussion and analysis, which lays out = the company's view of past accomplishments and shortfalls, and future = opportunities, as well as potential problems. The section also notes = corporate commitments, liquidity constraints, business risks and = competition. A company's statement of accounting policies likewise can be revealing, = Harris says, especially when it highlights a change in accounting = methods. If an airline changes its depreciation schedule, for instance, = raising the depreciable life of its planes from 20 to 25 years, its = costs will fall and earnings rise without any improvement in its = operations. Not surprisingly, Harris has many ideas about how to improve corporate = accounting. Chief among them, he thinks companies should define more = clearly operating and financing items on their income statements. = Currently a vendor that loans customers money can classify income on = such loans as revenue. Instead, it ought to be included under interest = income, he says. And gains and losses on pension-plan investments should = be disaggregated from operating items. Some assets, liabilities, revenue and expenses in fact are listed as = "other." But beware this category, Harris warns. "Other" may refer to = items and adjustments that management would just as soon investors not = see. Although accounting is often difficult to decode, a knowledge of it = essential to investing wisely. "It's the misunderstanding of accounting = that leads to the misallocation of resources," Harris says. =20 - ------=_NextPart_001_019C_01C1D920.31F7F880 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
A nicely done article from this weekend's Barron's on = where to=20 look and what to look for when performing due diligence.... reminds me = of=20 something a good friend of mine said recently..."The only thing I = remember from=20 those accounting courses you and I had to take was that everything we = really=20 needed to know was in the footnotes..."
 
--Katherine

MONDAY, APRIL 01, = 2002=20
Scrutinize This!
Accounting professor to investors: Put on your eyeshades and = sharpen your=20 pencils3D"thin
By Jacqueline=20 Doherty

Recent bankruptcies such = as Enron and=20 Global Crossing have made it clear that securities analysts need a = deeper=20 understanding of the financial health of many companies they cover. It = is no=20 longer enough simply to know a company's products and build a = spreadsheet to=20 model earnings. The best analysts, and for that matter, the best = investors, need=20 a firmer grounding in corporate accounting, and greater expertise in = navigating=20 the twists and turns of financial statements. At Morgan = Stanley, their guide is Trevor Harris.

The New York-based brokerage first hired Harris, a = professor of=20 accounting at Columbia University, in 1997. His mission: to reconcile = the=20 differences in the accounting policies of many countries, so that the = firm's=20 analysts could compare industries on an "apples-to-apples" global = basis.

=20

Harris, 47, remains on leave from Columbia, and now = serves as=20 head of Morgan Stanley's global valuation, accounting and tax policy = team. His=20 work with telecom analyst Simon Flannery resulted in a controversial = report=20 about Qwest=20 Communications last summer that questioned the company's accounting. = The=20 concerns that Flannery raised have helped drive the shares to a current = 8.22=20 from the mid-30s.

More recently, Harris and Christopher Stix, a Morgan = Stanley=20 technology analyst, gave their blessing to Cisco Systems' ledgers, after = concluding the company had been conservative in increasing reserves by = $2.2=20 billion to reflect the deteriorating value of its inventory and likely = equipment=20 returns.

Harris, who grew up in Zimbabwe and graduated from the = University=20 of Cape Town, in South Africa, took an indirect path to Wall Street. For = one=20 thing, he worked as an accountant, at a firm that later merged with = Arthur=20 Andersen. After earning his doctorate in accounting at the University of = Washington, he became a professor at Columbia, ultimately chairing the=20 university's accounting department. But he continued to keep one foot in = the=20 real world by consulting to companies and investors.

How should investors without accounting degrees tackle = financial=20 reports? It helps to remember that they're open to some interpretation. = "We've=20 created a perception that there is precision in numbers like earnings = and free=20 cash flow," Harris says. "But accounting is not that concrete. We have = to make=20 choices."

Harris argues that U.S. accounting has become too bound = by rules=20 and regulations, in part to protect accountants and their clients from=20 litigation. As a result, the system has sacrificed the forest for the = trees. "We=20 lost sight of what we are really trying to do: paint a picture of a = company's=20 economics as best we can, knowing it's imperfect," he says.

Had accountants looked at the big picture, as Harris = suggests=20 they should have, surprises like Enron and Global Crossing might not = have=20 occurred. In the case of many telecom companies, for instance, = accountants might=20 have questioned why revenues continued to climb even after customers ran = into=20 trouble. Instead, it appears they merely signed off on the particulars = of=20 "fiber-swap" transactions, which allowed companies to book the sale of=20 fiberoptic capacity as revenue, but capitalize the purchase of fiber -- = that is,=20 write down the value of the purchased asset over time -- instead of = treating it=20 as an immediate expense. As a result many companies enjoyed inflated=20 earnings.

Harris urges investors to evaluate a company by first = comparing=20 reported earnings with cash flow. If earnings are rising but the company = is not=20 generating any cash, it might be using accounting to inflate profits. = Like some=20 telecoms, it may be capitalizing instead of expensing costs -- a dubious = practice under certain circumstances.

When the sale of a product generates a receivable, as = is the case=20 in most corporate transactions, revenues increase without a boost to = cash. The=20 situation becomes problematic if and when customers don't pay their = bills.=20 That's why Harris pays particular attention to days' sales outstanding, = the=20 number of days it takes for a company to collect.

To calculate this number, divide revenues by = receivables, and=20 multiply the result by the number of days in a quarter. Then compare = that=20 results with the company's, and competitors' historic trends. If days' = sales=20 outstanding increase significantly, the company may be pushing products = or=20 services on customers who can't pay, or don't want the goods, which is = what=20 Sunbeam did several years ago. Companies that "stuff" their customers'=20 inventories in such fashion have a tough time in future quarters.

Places to = Poke

Harris recommends checking these = items before=20 investing.

=95 Statement of=20 Cash Flows: Compare cash flows to earnings to see whether = profits=20 are being translated into cash. If not, question = earnings.
 
=95 Management Discussion and = Analysis:=20 Gives management's insight about past and future = opportunities and=20 potential pressure points.
 
=95 Statement of Accounting = Policies:=20 Discloses what accounting methods were used for items such = as=20 revenue recognition and inventory valuations. By changing = accounting=20 methods, companies can artificially increase or decrease=20 earnings.
 
=95 Deferred Tax Note: = Describes the=20 difference between the value of assets and liabilities used = when=20 reporting taxes and the value used in preparing earnings. = Shows how=20 quickly companies are drawing down reserves.
 
=95 "Other": When a company = classifies=20 something as "other," this usually refers to an item or = adjustment=20 on which management doesn't want investors to focus.
 

Yet, a spike in receivables doesn't always point to = problems. IBM= =20 showed an increase in receivables in late 2000, but the shift occurred = because=20 the company saw great demand for a new product launched near the end of = the=20 quarter, Harris says. The key, again, is the rate at which receivables = are=20 collected.

Harris advises tracking a company's inventory levels, = too. That's=20 done by dividing inventory by the cost of goods sold, and then = multiplying by=20 the number of days in the quarter. If the result falls below that of = previous=20 quarters, or below competitors', the company might be manufacturing = products=20 more efficiently, which would lessen the need to keep excess inventory = on hand.=20 Conversely, when inventory levels rise without a commensurate increase = in sales,=20 a company might be tying up cash that could be used more productively = elsewhere.=20 Too, rising inventories can mean a product isn't selling well, or that a = new=20 product is being stockpiled prior to a launch. Nonetheless, = question.

Depreciation is a non-cash item that's often ignored. = Dividing=20 capital expenditures by depreciation, says Harris, may offer clues as to = whether=20 a company is investing sufficiently in its business. Typically the ratio = of=20 capital spending to depreciation is 1-to-1.2. A lower number implies the = company=20 is cutting back on expenditures, perhaps to cut costs -- a development = that may=20 spell future trouble.

Annual and quarterly reports yield much useful = information, not=20 all of it in the income statement or on the balance sheet. Harris = recommends a=20 careful reading of management's discussion and analysis, which lays out = the=20 company's view of past accomplishments and shortfalls, and future = opportunities,=20 as well as potential problems. The section also notes corporate = commitments,=20 liquidity constraints, business risks and competition.

A company's statement of accounting policies likewise = can be=20 revealing, Harris says, especially when it highlights a change in = accounting=20 methods. If an airline changes its depreciation schedule, for instance, = raising=20 the depreciable life of its planes from 20 to 25 years, its costs will = fall and=20 earnings rise without any improvement in its operations.

Not surprisingly, Harris has many ideas about how to = improve=20 corporate accounting. Chief among them, he thinks companies should = define more=20 clearly operating and financing items on their income statements. = Currently a=20 vendor that loans customers money can classify income on such loans as = revenue.=20 Instead, it ought to be included under interest income, he says. And = gains and=20 losses on pension-plan investments should be disaggregated from = operating=20 items.

Some assets, liabilities, revenue and expenses in fact = are listed=20 as "other." But beware this category, Harris warns. "Other" may refer to = items=20 and adjustments that management would just as soon investors not = see.

Although accounting is often difficult to decode, a = knowledge of=20 it essential to investing wisely. "It's the misunderstanding of = accounting that=20 leads to the misallocation of resources," Harris says.

 
 
- ------=_NextPart_001_019C_01C1D920.31F7F880-- - ------=_NextPart_000_019B_01C1D920.31F7F880 Content-Type: image/gif; name="B-thinblueline.gif" Content-Transfer-Encoding: base64 Content-Location: http://online.wsj.com/media/B-thinblueline.gif R0lGODlh0gEDAIAAAP///wAAZiH5BAEAAAAALAAAAADSAQMAAAI3hI+py+0Po5y02ouz3rz7D4Yi EJTmiabqyrbuC8fyTNf2jef6zvf+DwwGRsSi8YhMKpfMphNUAAA7 - ------=_NextPart_000_019B_01C1D920.31F7F880-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Mon, 1 Apr 2002 03:19:04 EST From: RWElmer@aol.com Subject: Re: [CANSLIM] Accounting Know-how - --part1_123.e4c1ef4.29d971f8_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Katherine, Thanks for sharing these great articles you find along the way. I'm saving this one for lunch time reading. (I actually owned GX in my pre-semicompetent days!) Incidentally, no big worries on my behalf for DFXI. I got in under $30 and have some wiggle room should things turn ugly. (Not that the sting of FIC doesn't still remind me of how quickly things can go away). Have a Great Week! Robert W. Elmer Coldwell Banker First Shasta 2837 Bechelli Ln. Redding, CA 96002 RWElmer@aol.com 221-9556 or 1-800-348-7939 ext.156 www.robertelmer.com - --part1_123.e4c1ef4.29d971f8_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit Katherine,

Thanks for sharing these great articles you find along the way. I'm saving this one for lunch time reading. (I actually owned GX in my pre-semicompetent days!)

Incidentally, no big worries on my behalf for DFXI. I got in under $30 and have some wiggle room should things turn ugly. (Not that the sting of FIC doesn't still remind me of how quickly things can go away).

Have a Great Week!

Robert W. Elmer
Coldwell Banker First Shasta
2837 Bechelli Ln.
Redding, CA 96002
RWElmer@aol.com
221-9556 or 1-800-348-7939 ext.156
www.robertelmer.com - --part1_123.e4c1ef4.29d971f8_boundary-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Mon, 1 Apr 2002 05:53:21 -0500 From: "Tom Worley" Subject: Re: [CANSLIM] ACS & AVNT This is a multi-part message in MIME format. - ------=_NextPart_000_0065_01C1D941.87EFDCF0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hi Gene, I agree, some attractive positives. A few observations, though. ACS - while I question the accuracy (and have sent email to DGO to = confirm), funds are shown as owning 63%. That, if correct, would require = me to keep a finger on the sell button at all times. Debt appears high = at 73%, but I note they redeemed a note in March, so present figure may = be lower. AVNT - DGO shows a Proposed Merger announced 12/3/01, with Synopsys. I = also note several litigation matters were lost, at least for the moment, = requiring them to set up reserves taken in December of $31 million. Tom Worley stkguru@bellsouth.net AIM: TexWorley - ----- Original Message -----=20 From: Gene Ricci=20 To: canslim@lists.xmission.com=20 Sent: Monday, April 01, 2002 1:14 AM Subject: [CANSLIM] ACS & AVNT Stumbled across these two beauties this afternoon!!! ACS EPS RS GrpRS SMR A/D=20 98 83 67 A B=20 AVNT EPS RS GrpRS SMR A/D=20 97 97 80 A B=20 Opinions? Thanks, Gene - ------=_NextPart_000_0065_01C1D941.87EFDCF0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Hi Gene,
 
I agree, some attractive positives. A few = observations,=20 though.
 
ACS - while I question the accuracy (and have = sent email=20 to DGO to confirm), funds are shown as owning 63%. That, if correct, = would=20 require me to keep a finger on the sell button at all times. Debt = appears high=20 at 73%, but I note they redeemed a note in March, so present figure may = be=20 lower.
 
AVNT - DGO shows a Proposed Merger announced = 12/3/01, with=20 Synopsys. I also note several litigation matters were lost, at least for = the=20 moment, requiring them to set up reserves taken in December of $31=20 million.
 
Tom Worley
stkguru@bellsouth.net
AIM:=20 TexWorley
----- Original Message -----=20
From: Gene Ricci =
To: canslim@lists.xmission.com=
Sent: Monday, April 01, 2002 1:14 AM
Subject: [CANSLIM] ACS & AVNT

Stumbled across these two beauties = this=20 afternoon!!!
 
ACS
EPS RS GrpRS   SMR   A/D
98 83 67   A    B
AVNT
EPS RS GrpRS   SMR   = A/D
97 97 80   A    B
 
Opinions?
 
Thanks,
Gene
- ------=_NextPart_000_0065_01C1D941.87EFDCF0-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Mon, 1 Apr 2002 07:12:02 -0500 From: "Tom Worley" Subject: [CANSLIM] Fw: ACS [T20020401005S] Pretty fast response from DGO Customer Service, especially considering it is still 4 AM on the west coast. Tom Worley stkguru@bellsouth.net AIM: TexWorley - ----- Original Message ----- From: To: Sent: Monday, April 01, 2002 7:04 AM Subject: RE: ACS [T20020401005S] Good Morning Tom, Thank you for your recent email to Daily Graphs Online. ACS is one of those stocks that has two classes of stocks. As such, I will need to contact research to determine the exact percentage figure and how it is determined. I will write back later when I have more information. Best regards, Dan Daily Graphs Online - -----Original Message----- Sender : stkguru@bellsouth.net Tracking Number : T20020401005SZ1126083 Pool : Daily Graphs Online Sent to : Date : 4/1/02 2:55 AM - --- Can you confirm that the 63% Funds ownership shown is correct? Thanks, Tom Worley stkguru@bellsouth.net AIM: TexWorley Get Weekly Charts, Custom Screens, Industry Groups and more! Participate in the beta testing phase of the new version of Daily Graphs Online. Visit http://beta.dailygraphs.com - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Mon, 1 Apr 2002 07:21:38 -0500 From: "Tom Worley" Subject: [CANSLIM] "M" Took a quick tour of the index charts this morning. Only the Transportation Index has yet to set a new 12 month high, and it has declined rather sharply over the past two weeks. Russell 2000 needs another 18 points to make a new high, and looks healthy for the moment. NYSE Financial appears next closest to setting a one year high. Not exactly the market leadership I would want to see. Trans reflects the recovery in the economy, but the recent downtrend also suggests either profit taking, or a dwindling confidence despite the many economic reports. R2000 would seem to reflect the continued strong earnings growth found there even while we still thought we would have a recession (anyone throw a recession party and the only guests that showed up were from other countries??). The NYSE Financial would seem to support the number of posts to our group on this sector, suggesting that it may well be the first sector to fully recover (and that's not the leadership that inspires me or a bull market). Tom Worley stkguru@bellsouth.net AIM: TexWorley - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Mon, 1 Apr 2002 08:10:58 -0500 From: "Tom Worley" Subject: [CANSLIM] Economic Summary for the week good review at http://cbs.marketwatch.com/news/story.asp?guid={6BBF1B48-4C7D-4DE9-B742-8104 EA593504}&siteid=yhoo Tom Worley stkguru@bellsouth.net AIM: TexWorley - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Mon, 1 Apr 2002 08:47:53 EST From: Chazmoore@aol.com Subject: Re: [CANSLIM] DFXI - --part1_cd.1556dd29.29d9bf09_boundary Content-Type: text/plain; charset="US-ASCII" Content-Transfer-Encoding: 7bit Katherine: Thank you again. I had no idea there was a source available that reported retail versus institutional buying. My intuition has been that retail buyers have little effect on price movement. Charley - --part1_cd.1556dd29.29d9bf09_boundary Content-Type: text/html; charset="US-ASCII" Content-Transfer-Encoding: 7bit Katherine: Thank you again. I had no idea there was a source available that reported retail versus institutional buying. My intuition has been that retail buyers have little effect on price movement.

Charley
- --part1_cd.1556dd29.29d9bf09_boundary-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ Date: Mon, 1 Apr 2002 07:58:51 -0600 From: "Rich W" Subject: Re: [CANSLIM] DFXI This is a multi-part message in MIME format. - ------=_NextPart_000_01C6_01C1D953.0F9CC5D0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Katherine, I must have missed this source/link, could you post again. Have saved what I think are all the best links I find from this great group of very smart and knowledgeable people, Thanks Rich W - ------=_NextPart_000_01C6_01C1D953.0F9CC5D0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable
Katherine,
I must have missed this source/link, = could you=20 post again.
Have saved what I think are all=20 the best links I find from this
great group of very smart and = knowledgeable=20 people, Thanks
Rich W
- ------=_NextPart_000_01C6_01C1D953.0F9CC5D0-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email. ------------------------------ End of canslim-digest V2 #2259 ****************************** To unsubscribe to canslim-digest, send an email to "majordomo@xmission.com" with "unsubscribe canslim-digest" in the body of the message. For information on digests or retrieving files and old messages send "help" to the same address. Do not use quotes in your message.