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To: Paul Senior who wrote (3873)	4/20/1998 9:09:00 PM
From: Andrew	Respond to of 78476

not all analysts have missed my point. The analysts who have observed the greater fixed cost in intel's production stream have quietly gone to other stocks or don't bang the drum on intel for the many other reasons its overvalued (eg. tom kurlak - merrill lynch). Bottom line there is higher volatility in fundamental cash flow of intel deserving lower multiple at cyclical peak (as cycles are made bigger). This is cyclical peak for intel and thus its a sell not a buy. Please don't take offense if I could add I think you are also being a bit naive to seemingly imply a high level of objectivity and for that matter integrity in the street as whole. Note, those other 20 analysts who had oxford as a buy couldn't all have been that stupid. There are more hypocritical, prostitutional and self-serving issues at stake on wall street than you are giving credit to.