Brian, Everything you say is true, but the problem is that we have to know what the "bears" are saying because, like it or not, they impact the market on a daily, weekly, and monthly basis.
Over the longer term, beyond 6 to 12 months, their inputs have little impact because, as you point out, "the fundamentals will matter more than their research, right or wrong".
As you know, there have been several other analysts since the first of the year, just like CSFB, who have "trashed" the semi-equips going forward, into and through 2005. No doubt, their collective nay saying on the semi-equips have really taken their toll on semi-equip stock prices over the past months since the January.
As you point out, the fundamentals just keep getting better as the year progresses. If this process holds as you, I, and many, many others believe, stocks prices will recover. As a matter of fact, since the 1st of May, many of the Group stocks are up 10 percent or more. IMO, we are heading into a "summer rally", but that is yet to be proven.
In the meantime, I urge anyone who wants to contribute to the thread to post the good news as well as the bad news. I think we need all the information we can get, both positive and negative. In that way we can get a better sense of all forces working on these stock prices, because after all is said and done, that's what we want to know.
Don |
