Lam Research (LRCX, NASDAQ): To the Insiders Message Board

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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders

LRCX 166.37

+4.4%

3:59 PM EST

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To: All Mtn Ski who wrote (4685)	8/1/2001 10:17:26 AM
From: Proud_Infidel	Read Replies (1) of 5867

Tom, IMHO, I always believed the trough valuations in '96 and '98 were ridiculously low at one times sales or even below, given the barriers to entry for the sector and the near guaranteed record profits only 12-18 months away. Companies going bankrupt trade for about .5X sales, not too far from where this sector was, which is why I overweighted this sector during those years. People on WS were short-sighted and were easily scared out. I do not believe we will ever revisit those lows now or in the future. It used to be the case that an easy 5-10 fold increase could be had by betting on the leaders in a cycle. However, the market operates like a grocery store checkout lane. If people see that there is an empty lane while their lane is congested, they will move over to the empty lane. Similarly, here in the SCE sector we had a virtual guaranteed 5-10 fold increase in share price. That, like an empty checkout lane, is too good to last for long. Brian

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