[ QUOTE ]
Change "revenues" to "cash profits" and you're right. This type of thinking is explored in a more in depth way in Rappaport & Mauboussin's book
Expectations Investing.
[/ QUOTE ]
Ok but "cash profits" are at least highly dependent on revenues. Thanks for the book recommendation. Probably won't get around to reading it until after the 1st but I will get around to it.