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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Jan Crawley who wrote (24757)11/26/2001 4:34:05 PM
From: dennis michael patterson  Read Replies (1) of 52237
 
Amat. Something to think about:

Herb Greenberg
semi equipment
11/26/01 2:50 PM ET
Goldman out with a fascinating note that pretty much explains what is going on with
semi equipment and other tech stocks: "We were out meeting with
investors last week and came away surprised with the uniformity of
short-term focus that is pervading investors’ mindsets as we approach
year-end. Essentially, the investment community has an even greater than
normal paranoia about performance as this tumultuous year comes to a
close. The desire to load up on beta (combined with a number of supply-chain
build related positive semi data points) has generated a significant positive bid to the
semi equipment stocks. Few investors with whom we met believe there are any
fundamental reasons to own semi equipment names. Most agree that valuations are
still way out of line with where we are in the cycle and that the downturn is likely to
either take another leg downward as technology buys dry up and/or last longer than
the broader market currently contemplates."

I'm still back on the line that investors can't see "any fundamental reasons to own"
these stocks, yet they do because they're going up and they need to show them in
their portfolios. The ultimate in herd mentality. Safety in numbers. Wild. hg
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