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Technology Stocks : Intel Corporation (INTC)
INTC 50.59+4.9%Feb 6 9:30 AM EST
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To: Joe NYC who wrote (33675)10/3/1997 4:55:00 AM
From: nihil   of 186894
 
RE: ... other stocks didn't quadruple ...

1. All corporations exist to enrich stockholders (it's the law in
Delaware and most other states).

2. Any corporate board that intentionally chooses an investment for its funds that returns less than an available alternative is violating its fiduciary duty to enrich its stockholders.

(Any computer economist should know in the early 1990s that refusing to invest in a new competitor for Pentium will raise the TSR of Intel. Any board that would invest in a x86 5th or 6th generation should know that the expected returns will be lower both for Intel and itself than if it stood aside (and in this case, invested in INTC).

Ergo: the Cyrix Board and the AMD Board violated their fiduciary duties to their stockholders by refusing to hand a x586 monopoly to Intel. As long as they did not conspire with Intel (and AMD probably
did in their patent agreement), they were not debarred from investing in Intel.

Ergissimo: Paul is exactly right.

P.P. : The Media GX and M1 and M2, the K-5 and K-6 are inedible. None of them can hold a candle to a goose's neck as a butt-wipe.
(don't try to prove this at home and watch that damned candle! The last thing we need around here is another goose flaming everybody.)
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