reverendh, here is a medium-size answer to your first of two questions.Using OPM - other people's money - actually refers to debt, borrowing that which must be paid back rain or shine, good business or bad.On a personal scale, the excessive use of credit cards is a counterpart.On a national scale, an excessive national debt is a counterpart.On a California scale, an excessive state debt is a counterpart.(Democrats: Tax and spend; Republicans: Borrow and spend; Common Sense: Receive and spend)On a corporate scale, an excessive use of credit subtlely presumes that the future will always be like the past (upward and upward), always providing enough income to allow both substantial r&d and debt payment.[Borrow and Spend].Almost all the major high-flyers of the 1999-2001 era got trapped in the borrow and spend cycle. The new high-flyers of 2002-03 are much more in the Receive and Spend mode, where most needed funds are provided by revenues and collection of receivables, and moderate-sized new-stock issues. What do we learn from a bankrupcy? If we learn as we should, we learn to have a much larger "cushion" between our assets and liabilities.The new high-flyers do not trust debt. They've seen those late 90's high-flyers become stagnant in their revenues and earnings from 2001 to the present, only now starting to break out.Regarding Foolish Flow, I'm going to make a major post on that probably next weekend. I'll hold off on that, because I'm still preparing what I want to say.Hope this helps,Larry
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