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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Les H who wrote (69922)2/21/2001 4:40:51 PM
From: patron_anejo_por_favor  Read Replies (1) of 436258
 
<<AMAT's P/S and P/B were much lower the year after the 1995 peak.>>

Les, exactly right. The fact that semi equipment manufacturing is an EXTREMELY cyclical industry continues to be lost on many in the media. Therefore historical valuation parameters from the last cycles remain valid. Actually they may actually slide BELOW 1995 levels due to the length of the current cycle and the amount of overcapacity now present.

In other words, an excellent short and hold.....

Disclosure: I'm SHORT AMAT shares.
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