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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Michael Bakunin who wrote (97296)	1/24/2000 3:18:00 AM
From: Amy J	Read Replies (1) \| Respond to of 186894

RE: "I'm still trying to find out where this transfer of money takes place. Intel buys back their shares on the open market at a discount by the use of puts, then grants those same shares to their employees at fair market value. Looks like a push to me. Other than the loss of use of those funds prior to actual exercise, where is the loss to Intel?" EP Michael, It appears Elmer makes a good point (please see above). Your reply [i.e. Buffett's "accounting treatment is outrageous"] doesn't address Elmer's point and I am interested to hear what your mathematical position is on this, with respect to his mathematical point? You have a strength in math, so I do not understand why you are not responding in a mathematical way. Regards, Amy J

To: Michael Bakunin who wrote (97296)	1/24/2000 9:09:00 AM
From: Elmer	Read Replies (1) \| Respond to of 186894

Re: "See my reply to PB, #reply-12655833. In Buffet's letter last year, he makes the following intuitive argument:... etc etc" No need for me to keep re-reading Buffett's statements when you avoided my question. Here it is again in condensed form: Intel buys X shares at Y - put premium. Intel grants employees options to buy X shares for Y dollars. Where is the loss to Intel except for loss of use of the capitol between share purchase and option exercise? EP