3DFX Message Board - Msg: 5776280

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Technology Stocks : 3DFX

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To: Patrick Grinsell who wrote (7344)	9/17/1998 2:09:00 PM
From: Sun Tzu	Read Replies (1) of 16960

RE Share Buyback... So what is your price? Two points. Number one, I give the 32M settlement number as much credibilty as the over-hyped EPS estimates of the past. I have no reason to believe that the number was this large, or that it was all in cash, or that it will be delivered in one big chunk. So I am not going to speculate on what to do with the money that I don't know is there. Number two, the moment 3Dfx starts to buy back its shares, TDFX will start to rise. So you can't assume they can buy any significant portion of their shares at today's depressed prices. As I said before, for a buy back to be effective it has to be timed right. This means either you take advantage of a selling panic and buy as much as you can at very depressed prices. Or you buy back immediately before or after a very good news to trigger a short squeeze and/or a change in trend. I don't like ho-hum buy backs of day in day out at any price. Sun Tzu

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