Intel Corp (INTC)

[Elmer Phud]

Wbmw -

I thought you were asking me if you should sell CCs. That's the question I was answering. Sorry if I misunderstood. I won't try to sway your decision but if you do decide to sell CCs I think you can expect to generate a cash flow considerably in excess of what the cash would do just sitting around. I expect AMD to revisit $7.50. As you know AMD is a religion or maybe better called a cult. It has it's devotes and they will stand in line to throw their money away just to show their devotion. This will give good options premiums. Meanwhile the case can still be made that Hammer may be a viable highend product. The ASPs that can be generated by even moderate volumes can at the very least give AMD a infusion that will keep them alive long enough for those options premiums to lower your cost basis considerably. My goal is cashflow and I think this is a very good candidate.

EP