Or both? One doesn't neccesarily preclude the other and after seeing this kind of thing happen time and again in the last few years I can only conclude that there is plenty of both to go around in the senior management and the boardrooms of these companies.Little wonder that people are extremely reluctant to commit new funds to this game. Yes, ARM looks cheap now on the numbers but if you can't trust the management to have any better grasp of what is going on in their own business not cheap enough. And that's putting the charitable spin on what happened. Really enjoyed the article, Tom. Sorry you got tagged this time.Mike
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