JoAnne Feeney Quotations

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.

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

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.