Now, let me tell you my opinion:

· First, let me tell you about the 5-year average ROA for TWX: pathetic (minus 7.3). This year, improving but still pathetic (2.7).

· Second, let me tell you about the 5-year average ROE for TWX: also pathetic, or should I say invisible (0.0). This year, barely visible (5.5). These measures of operating efficiency are important to some people.

· Next, let me tell you about the PE fwd for the year-ending Dec-2006: over-the-moon (20 X). This year, of course, its just outta sight (>25 X).

· Oh, now you're listening. So, let me tell you about the financial strength of TWX: its let's say, "uncomfortable", with an Altman's Z-score rating of (1.30).

· Of course with long-term debt equal to 59 pct of total capital invested, and the equity market in the dumps, and interest rates rising, the financial structure is not likely to improve. Not to worry. There are acquisitions to be made.

· But if you're looking for a dividend, you've been waiting a long time since 1998, and with free cash flow at just 78 cents per share, you'll be waiting a few years longer. In fact, liquidity seems to be an issue at this company: the net working capital ratio is a stunning 0.01.

· But hang in there because investors today don't seem to be concerned their stock is trading at 23 times free cash flow.

· Finally, let me tell you about the biggest insiders in TWX, Case & Turner: those guys are apparently still ripping it off by selling $6 option stock at $17. But aren't you happy they put this deal together?

I could go on and on. I don't know the precise point when TWX is going to blow up, but I can smell the fuse burning.

This media and entertainment company was promo number one in December 1999 at the height of the "bubble" market. One of the big balloons, you might say.

Then, like the Hindenburg, management fell in love with slow-speed and issued so much stock (4.5 billion hot-air shares in total), that they became pretty much an intangible entity. Besides another tragedy, negative tangible book value is what you get when you buy that much goodwill.

But, you know, right before Y2K, who was in their right mind anyway? Didn't we all figure Time was going to stop at midnight anyway?

Maria Boardroom was literally quivering with excitement as she screamed into the CNBC cameras in mid-December 1999 that Time Warner was going to open at 99 or thereabouts. Yes, seasons greetings from the NYSE, and Dick Grasso.

Well I think I recall seeing 95 or 96, but its just play money right?

Ted Turner was dreaming of giving away tens of billions, and Steve Case was dreaming of beachcombing in Hawaii. Everybody in the media and on Wall Street was dreaming year-end bonus, and, of course, mocking those of us, like Fleck, who were saying ‘Bubble, bubble, New York Trouble'.

And we weren't even aware Mr. Grasso was taking home pay of some $200 million from his not-for-profit employer.

Six weeks later, TWX was under-50, and ‘99 in 99' turned out to be just over ‘3 times 3 in 03'; but who really remembers this stuff anyway? We are so quick to forget.

The reality, of course, was that Time didn't stop; but AOL was really slow-speed. I guess nobody on Wall Street saw that, or cared much if they did. A little like today's iPod, which works on its own set of standards in an OpenSource world.

Yes, 4Q99 was kinda like 2Q05 where TWX now trades at almost 25 times free cash flow, but JJC can still look his awestruck audience in the eye and scream the stock is a helluva buy. Even his bud Regis decided to throw some flamboyance onto the TWX fire last evening.

So today Time Warner is wired. In fact, cable and wired.

But, mind you, isn't it a world gone wireless? And, a world where cash is king?

I ask you now, is it any wonder why the media questions why bloggers find the whole CNBC exercise (last night's JC and Regis as an example) to be one big laugh?

I could go on and on here. I could even write a professional report. But why bother? I'm starting to think my friend James Dines ("the original gold bug") is right; people have a deep-rooted psychological need to lose.

If I thought they would listen, I would say to them regarding TWX; please look at the financials and the stock trading data. This stock (NYSE: TWX) is an almost $100-billion market cap loser. Do you really think it's going to grow to $450 billion " like 4Q99 when Maria was so infatuated -- any time soon?

Well, it could, but only in your dreams. It just might hit $50- or $60 billion first.

And for those 80-percent institutional (pro money manager) holders of Time Warner stock, have you wondered why the same approximate percentage of you cannot manage to keep up to the broad equity market averages?

I guess its because you have been too occupied with the JC & Reej Show to smell the TWX fuse burning.