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Martin Whitman on Intel

June 20, 2006 | About:

In recent years, i.e., post the bubble which burst in 2000, TAVF has restricted its investments in the common stocks of high-tech companies to issuers which are large, well-established companies; where cash holdings alone are well in excess of total book liabilities; and where the price to earnings ratio at the time of purchase was not much more than 10 times the peak earnings of past years. Intel Common met these criteria. The near-term operating outlook for Intel seems poor; the long-term outlook seems fairly favorable. At the end of the quarter, high-tech, Intel-like common stock holdings accounted for about 4% of Fund's net assets.

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