Most people are used to the old story of AMD and Intel where they were tied together and the fate of Intel was the fate of AMD.

We believe FEI is poised for improvements in operating efficiency following the conclusion of its reorganization and restructuring efforts in 2005. We see FEI as undervalued due to its prior struggles and believe that the impact of its recently completed reorganization has yet to be appreciated by the market.

A higher valuation is justified when a company's earnings growth is significant. AMD's growth prospects are substantially higher than Intel's.

But the story has changed fundamentally over the past couple years.

People imagine that Churchill, Roosevelt and Stalin arrived in Yalta with a blank sheet of paper to decide the fate of Europe. Nothing could be further from the truth.

When you go into court, you are putting your fate into the hands of twelve people who weren't smart enough to get out of jury duty