I agree with your statement, in large part, but lately
I have been wondering about Intel's "markets". When I
purchased my first shares quite some time ago, I understood
that I was purchasing THE company in terms of CPUs and
flash - type components. But lately, I would be hard
pressed to say what markets Intel is trying to dominate.
For a while there, it seemed like graphics components
was on the table. Now it seems like network components,
cards, and hubs. Lately it seems like there are forays
into memory technology, and Intel owns more companys and
technologies than I can keep up with.
I can't figure out whether to complain or go back to my
analysis to try and figure out exactly what kind of company
I own now. I read my annual report, and on first reading
it sounds so good, I want to rush out and by more even
at a PE of 20. But then, when compared to reports of old,
it strikes me that there is something of a lack of focus.
Now don't get me wrong, there is a lot of stuff about
growth and markets and all that happy crappy, but my
daughter sings the same song when she tells me how her
lemonade stand is going to make her a millionare.
It just seems lately that Intel is trying to a technology
conglomerate rather than ...... well, rather than something.
It strikes me that if Intel's business environment is
changing so much that they need whole new fields of work,
I had better evaluate them that way.
Having said all of that, I own no other company that I
admire more or that has made more profit for me. I just
don't believe that past performance is necessarily a
predictor of future results when such changes are seemingly
afoot.
I will probably be crucified for these statements, but
maybe someone out there can set me back on the straight
and narrow.
Regards,
J |
