Chris, My feeling is that if I were to buy puts on the two tech monopoly players, I would buy them on the most overpriced one. And that is Microsoft.
I agree with everything said about Intel, but it still dominates its business and someone is certain to call it a value play soon. I feel that I can make more money on other stocks in the pc area who also will have nothing new to offer, but don't have Intel's competitive position. Like MU, GTW, Dell (but not yet), TXN, Compaq, Novellus, the retailers and wholesalers, Amat, Klic, etc. And, since I own puts on the Sox, I feel that I am getting a lot of benefit from Intel falling apart without taking its peculiar risks.
O.K., all that being said, I wished I'd owned an excrement load of Intel puts, but I didn't. <G> I may have outslicked myself on this one a little bit.
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