Actually, I am sorry to tell you that 1981 to date I have achieved a 17.6% annual return on a globally diversified portfolio with about 70% of the volatility of the US equity market. More recently, 1996 and 1997 to date, I have achieved a 34% return and a 42% return respectively. Easily beating most widely accepted benchmarks, dow, nasdaq, and any number of international benchmarks. As for Intel, I am very gratefull to the stock as I have more that quadruple my investment and have never made a loosing trade. The "little profit" you refer to amounts to about 12% annualized return which is what we should normally expect from the stock market. (If you were holding INTC over the same period, you actually would have had a "little" loss.) Your statement just shows how distorted people's expectations of the stock market are.
I do make mistakes (don't you?)but in this business you do not have to be right 100% of the time. 60%-70% will make you plenty. If you are curious to know, some of the bad ones: SYNX in at $12 out at $4. GES bougth at $12 last fall and still hanging to it at $9 an change.
In any event why do you care about my investment record?
A piece of advice, go back to Sloan (course 15 remember?) an get an MBA it is a nice compliment for someone with a technical background (I did get one at Columbia University - Buffet's alma matter - previous to my Ph.D. degree at MIT).
Last but not least, a little reminder from the DEC people. Perhaps they are just nuts and you could be the star witness defending INTC if they ever go to court.
Digital Equipment Corporation (NYSE:DEC) has filed a lawsuit in U.S. District Court, District of Massachusetts, here charging Intel Corporation with willful infringement of 10 Digital patents in making, using and selling microprocessor products, including its Pentium, Pentium Pro and Pentium II microprocessor families.
Alleging that Intel's patent infringement has caused Digital economic injury and, if not stopped, would cause irreparable harm, the company seeks both an injunction and monetary damages, including triple damages for Intel's willful violation of the patents. The injunction would prohibit Intel from using Digital's patented technology in its present and future microprocessor products.
"Over the years, Digital has made substantial investments in developing computing architectures and microprocessor technology," said Digital Chairman Robert B. Palmer. "It is our duty to our shareholders, customers, partners and employees to protect our intellectual property rights and the benefits of our industry-leading research and development efforts."
The patents cited in Digital's lawsuit protect Digital's innovations in high-performance computing architecture and microprocessor technology. The patents relate to technologies -- cache management, branch prediction and high-speed instruction processing -- which are vital to state-of-the-art microprocessor design. The patents were issued by the U.S. Patent and Trademark Office between 1988 and 1996.
"In developing its VAX and Alpha products, Digital significantly advanced computer architectures and microprocessor design," Palmer said. "Intel's unauthorized use of Digital's technology to significantly enhance the performance of its microprocessors violates Digital's legal rights.
"As a result of its infringement of our patents," Palmer continued, "Intel has strengthened its monopoly in the X86 market and is seeking to extend its monopoly to higher-performance microprocessors. This conduct threatens the competitive environment essential for continued innovation and growth in the computer industry."
Thomas C. Siekman, Digital vice president and general counsel, said, "This lawsuit is essential to protect the billions of dollars Digital and its shareholders have invested in the development of leading-edge computing and microprocessor technology."
Digital Equipment Corporation is a world leader in open client/server solutions from personal computing to integrated worldwide information systems. Digital's scalable Alpha and X86 platforms, storage, networking, software and services, together with industry-focused solutions from business partners, help organizations compete and win in today's global marketplace. |
