lt cap,

As you know, I've been pretty much a long term bull on INTC, feeling that, while acknowledging just how tough the challenges before them are, if anyone can find ways to increase revs (*do* find a way into the growth tablet/phone space - strong arm your clients into doing your bidding; invent a viable competitor in partnership w/Micron  for the next gen memory that will eventually replace NAND flash), INTC can probably do it.

If ERTS can play 'now you see it, now you don't' revenue games, why can't companies that actually have some more solid things to rely on do it as well or better? 

I cannot deny that the continued slowdown (eventual near-death?) of PCs is highly problematic. It's just that it feels to me that, as a long term play at the right price (hi 20's? mid 20's - that partly depends on the macro in terms of what 'value' means), it's defendable, I think, as a 'get paid to wait' stock, more stable than some others (autos, oil, etc.)

In that, it offers one thing that the op networkers ('cept Cisco) don't - a dividend, which makes patience easier.  And a good dividend at that. 

Disclosure: I am not long INTC, but I regret to some degree the dividends I've missed when I sold it when it first crossed 30, a year or two ago.