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Technology Stocks : Semi Equipment Analysis

SOXX 296.74

+1.8%

Nov 28 4:00 PM EST

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To: Gottfried who wrote (5569)	9/22/2002 9:12:02 PM
From: robert b furman	Read Replies (1) of 95487

Hi Don and G, Just want to say how much I appreciate the excellent number crunching you guys have done -not just today but for a long time. It has been a true enjoyment to see your disciplined updates - in a tough market that gives us few joys. Just a side note on your tangible book value.I have suffered with large underwater positions on Cohu since about 1985.As a simple rule -over the years - I've divided shareholders equity by the outstanding shares to come up with a very conservative book value. As sales and earnings fluctuate wildly - book value remains a guiding constant - over several longterm cycles - ( at least in Cohu ). One additional side note - some of these companies have been around longer than others.If they are of longer heritage - assets like real estate are held at purchase price.In the case Of Cohu -they sold their property just at a peak in 00 and incurred a 13 million dollar profit.Book value would never have given you the hint of underlying value.I find an easy way to get a general feel for this is to read the 10Q and see if they own the land or have forward looking lease commitments. Of course this can apply to assets other than real estate.This is not a big deal but in trough times like now - I believe that institutions have a preference to accumulating those older firms that have a depreciated book value - which adds to the strength of that pure book value vs the tangible book value. Lord knows we all need stocks that show resistence to new lows - as this market wrings out the weak of the strong holders. Once again thanks for your great individual disciplines and contributions. Best of trades during the next rally. Bob

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