Intel Corp. in 1992 faced decisions around financing and dividend policy as the company matured. It had high levels of cash but also significant R&D and capital expenditure needs to adhere to Moore's Law of technological progress. The document discusses 3 options for cash disbursement: 1) dividends but these are tax-inefficient, 2) stock repurchases which are better for investors, with a Dutch auction proposed to set competitive prices, 3) unconventional options like put warrants or convertible debentures but these carry speculative effects. The optimal policy balances returning cash to shareholders while funding innovation as Intel moves into a mature growth phase.