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Technology Stocks : Speedfam [SFAM] Lovers Unite !
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To: Michael Burry who wrote (2720)2/8/1998 7:10:00 PM
From: Proud_Infidel  Read Replies (1) of 3736
 
Re? If the industry is
very competitive, thereby limiting pricing flexibility at the same
time it requires high ongoing capital expenditures (making
cash flows negative forever), then where's the value?


Competetiveness and value are not mutually exclusive. The high capex required in this industry is simply a ticket to play the game. To win the game, one needs to outdistance its rivals through innovation, year in year out. The winner gets market dominace in fast growing markets and increasing margins. INTC GM's have been at about 60% in an industry requiring huge R&D. You do not see value there?

regards,

Brian
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