InterDigital Inc (IDCC)

[Danny Detail]

Ronny .. Let me try to put this as simply and straightforward as I can. I spent my entire 26 year WS career in the institutional brokerage business. In that time I gained a tremendous amount of respect for institutional money managers on the whole. Sure I met some dullards and jerks but in the main they were some of the smartest people I have ever met and their business acumen is second to none. Moreover, given that my partner and I built from scratch the most successful firm on WS in the independent research segment of the institutional brokerage business and saw it through some very difficult business conditions, I also hold my own views on how to operate a business in pretty high regard.

I have no doubt that the analysts and institutions will hold IDCC management accountable particularly after the debacle of the late '90s and in the process will persuade management to make important changes in many areas of the business plan including the make-up of the management team. They are clearly on the case now. That is very good news for us.

IMO it is now a waste of time for any of us to get involved in that process. In fact, I believe there is a very good chance it could become counterproductive to do so. However, it is not a waste of time for any of us to analyze whether or not we think management will be successful, but only if the conclusions each of us reach result in investment decisions that are consistent with those conclusions. That is how professional money managers act and for that I have great respect because at times it is extraordinarily difficult to have the courage of one's convictions and to "pull the trigger" to either buy or sell. That is also the thing I find most lacking in yourself and others who can point out every flaw in the management team and the business strategy but insist on using the result of that analysis to try to manage the company rather than their investment in the company. You and others who share your views and I are never going to agree on what the primary purpose of DD regarding management should be so there is no sense in cluttering up the board with our disagreement. Therefore, I'm going to try to limit my lurking and posting until after the ASM.

Regards,
Danny