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Hi Hewitt and Paul
Wow. Let me say that again WOW. You guys are the best.

I agree that book value often overstates the underlying value. I generally prefer to use book minus goodwill and intangibles than cash-debt. SanDisk is a great example why as they have Long Term Investments of $1,060,393k, which I do not think is fair to ignore. To complicate things SanDisk may also be a good example why book minus goodwill isn’t so good, as they have “Notes receivable and investments in flash ventures with Toshiba” of $1,108,905k, which are not available for sale and so maybe should be excluded.

Cash + ST + LT - Debt = $7.45 per share
Using all same inputs as Paul listed IV then goes to $27, boohoohoo I liked my figure better.

I don’t wish to talk anyone into an investment, as if I could, but for my own sake I will address your inputs Hewitt’s. That’ll have to wait until Monday, unless I can sneak in some computer time before then.

Once again thanks for the inputs Hewitt and Paul.

Hope you have a great weekend.
Dean
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