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Jerry R

12/14/03 7:40 PM

#20565 RE: Elmer Phud #20519

Elmer Phud - My strategy is to make money on what I believe is a basic trading range here.

The fact that you make money based upon this premise, in my opinion, seems to infuriate many AMD fans.

Your success with AMD stock is not predicated on the belief that it will "go to the moon", as some would say. Instead, you recognize that AMD consistently repeats a pattern of behavior of rising expectations with product introductions and lowered expectations as process transitions and Intel's inevitable responses come into play. You prove that there's money to be made once the patterns become clear using an effectively timed short covering methodology.