When you don't have an expanding market and have people wanting to save money by moving down the quality curve ... that goes straight to the revenue line of a company like Intel, and they are bound to miss,

They've kept a very tight control over quality. These people are extremely disciplined.

The fundamental work of investment management is filtering. The question is what do you filter.

The Internet has leveled the investment playing field.

There's a stench of burnt toast coming out of all these news reports. It's very, very thought contagious. And if it spreads across the techs and venture capital companies in Silicon Valley, it will make Enron look like small change.

Moore's Law says that every 18 months, customers can buy the same processor for half the price, or twice the power in a processor for the same price,