Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: Brian Hutcheson who wrote (4915)	1/31/1997 4:36:00 AM
From: Aaron Cooperband	of 1576999

Brian - I agree with your point that there is a lot of doubt right now about how good AMD's future earnings will be. Thats why the '97 earnings estimates in Zachs range from $0.10 to $2.00 per share. Clearly the people pushing the stock up to current levels are more inclined to believe the $2.00 story than the $0.10 story. My note was not about the stock price, however, it was about the skill (or lack thereof) of AMD's management to invest their capital in businesses that make money for their stockholders. Since you are apparently an AMD stockholder, I assume that you are interested in this question. Anyone who invests $10 today for only $10 of earnings in the future has clearly overpaid for the earnings. Do you think AMD has overpaid for its earnings? If they paid more today than the earnings they expect to receive, then no matter how good those earnings may look the result is a net loss for the company and its shareholders. Aaron

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