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Technology Stocks : 3DFX -- Ignore unavailable to you. Want to Upgrade?

To: Daniel P. Dwyer who wrote (13476)	6/25/1999 3:48:00 PM
From: Patrick Grinsell	Read Replies (2) \| Respond to of 16960

Wow, I got all the straight dope... 1.5 hours of interview needs to be transcribed. I honestly didn't have any more questions to ask. It was amazing. Look to tigerinvestor.com to find the interview. I should have it transcribed and posted by Tuesday. Pat P.S. The Register was full of crap.

To: Daniel P. Dwyer who wrote (13476)	6/25/1999 5:26:00 PM
From: Scott Garee	Read Replies (1) \| Respond to of 16960

Wow, there is no mid-range market? I certainly hope you've called Dell, Gateway, HP, and Compaq and told them so they can stop making all those computers. I'd hate to see them get stuck with the inventory. Where did you hear CompUSA and Best Buy were closing? Where will we shop without a retail market? Does that include grocery stores or just video cards? Maybe 3dfx can become a scrap recycler for all the video cards left when the retail stores close and the mid-range computers that can't be sold anymore. Dear, dear, what will we do? You are watching KTRL. . . trolling all night long. Pat, you gonna load that interview into a wave file for us, or are you scared to let us hear your voice? ;-)

To: Daniel P. Dwyer who wrote (13476)	6/25/1999 5:35:00 PM
From: benwood	Respond to of 16960

Here's an interesting piece about stock repurchase programs and the motivation for them: contraryinvestor.com Part way down, the blurb about "The Misallocation of Corporate Capital ?" BTW, if the link changes, this is the Market Observations page for 6/24. This isn't about TDFX in particular, but I do think it applies to TDFX nicely, at least the summary points. In short, I suspect the repurchase program is designed solely to benefit the options holders and it also indicates to me that the management thinks the best use of money is in increasing the short term EPS (by reducing outstanding shares) thus making the options worth more when granted. Conversely, it says to me that management does not think that the company has enough future opportunities worth investing in, or ones that would pay off nicely anyway. If TDFX were making a ton of money, I'd say, sure, buy back some of the shares, you're making tons of money. But they aren't and haven't, and perhaps this means they don't feel they ever will in the chip business (now chip and board business). At least they aren't borrowing to buy shares... or will they?