Fed ineffectual so far...

Christian A. Gregory christian11 at mindspring.com
Wed Mar 22 11:42:51 PST 2000

----- Original Message ----- From: "Enrique Diaz-Alvarez" <enrique at anise.ee.cornell.edu> To: <lbo-talk at lists.panix.com> Sent: Wednesday, March 22, 2000 11:37 AM Subject: Re: Fed ineffectual so far...

> Jordan and I discussed this on LBO a while back. Free cash flow is key
> because it reflects the *current* ability of businesses to put cash in
> shareholders pockets. And things are actually worse than this, from the
> point of view of shareholders, because FCF does not account for cash
> burned by stock options. Jordan says options are not an expense -I say
> if it walks like a duck, talks like a duck...

It was a really interesting discussion. A question I had then, but forgot to ask: What's the "float"?


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