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The second problem with accounting profits is that, unlike cash flow, they exclude investments. A growing business will invariably have to invest more in working and fixed capital, so that it could easily have positive earnings, but cash could be draining away. On the other hand, depreciation is deducted in the calculation of earnings even though it does not involve any cash outlay. So for a mature business with assets still being depreciated, earnings could well understate cash flows. Third, earnings ignore the time value of money. This means that even consistent earnings growth can reduce shareholder returns. The economic value of any investment is the. | Zeus CYBER-ROBOTICS INC. CommonSense WebMarketing To All Webmasters - Please feel free to use this book as a free gift to increase the number of webmasters accepting your link trade request. It also makes great quality content for your web site s visitors AND search engine robots that spider your web site. You can install it to your web site and give it away to others for any purpose. You just can t sell it or use it in any email spam marketing program. You may copy this book send it to friends email it as an attachment stamp it lick it give it away any way you want but it is copyrighted. You can t change it in any way shape or form. COMMON SENSE WEB MARKETING BY DAVID NOTESTINE http www.cyber-robotics.com This book is dedicated to my father. He was a remarkable man who accomplished unbelievable achievements in his amazing life. Thomas Wendell Notestine December 1 1919 to July 21 2005. The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires. --William Arthur Ward Cyber-Robotics Inc. 2009 Zeus Internet Marketing Robot 2 COMMON SENSE WEB MARKETING BY DAVID NOTESTINE http www.cyber-robotics.com WRITTEN BY David Notestine Creator of the Zeus Internet Marketing Robot The Original Link Building Tool Cyber-Robotics Inc. 2009 67 Claude Scott Rd. Franklin NC 28734 Cyber-Robotics Inc. 2009 Zeus Internet Marketing Robot

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