Ann: Invitation to Gold Coast Investor Briefing, page-131

The only certainties in life are Death and Taxes (meet Joe Black).

How could ANYONE be certain that the tech will work at 20nm or that someone will buy it if it does? I don't think people comprehend sound risk management practices. I used to punt on the horses and got some sound advice from professional punters - "you can't go broke making a profit (even a small profit)". In other words the best betting strategy is one where you can't lose! The primary goal isn't to maximize profit, it is to prevent loses. Free carry = preventing loses. Notwithstanding, even if DM does free carry, he still has a lot riding on a successful outcome.