Speaker unverified: belief

Transcript context

…Taking at the flood. Taking it at the flood, yeah. However, setting the R&D at 8% did not invite any opposition from the board. But suddenly increasing capital spending threefold (I think) did invite a lot of questions from the board. Our practice in the board meetings back then, well, even now, most of the directors are from overseas—US and England. We would email the agenda to them two weeks before the board meeting. Then the night before the board meeting, I would invite the independent directors to dinner. That dinner, the conversation was not on record. So the independent directors, actually more than three quarters of our directors are independent directors. Anyway, in the night before and the evening before the meeting, they had the opportunity to ask me questions if they had any. But on this matter of vastly increased capital spending, they didn’t even wait until they got to that dinner. Because this was effectively betting a huge amount of the company’s cash on this node, this process, this generation.…

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