Stock Bull,
Not to take away from Bob Jr.'s comments, but as I said before, it is my understanding that the ONTK rec was based on some proprietary technology they had. I don't want to speak for BB, but I'm sure he felt this was a pure play in a specific technology. Once Lam took over, the pure play was over--ONTK's ops were merely a part of Lam's total picture. So why continue to rec a stock when the pure play is no longer pure?
For instance, I am high on an electronics firm right now called Anaren Microwave. They have a proprietary technology that is being used in all of the telecom satellites--its a pure play on the emergence of the Iridium, Teledesic and all the rest of these new-age telecom satellites that are going up--more satellites going up means more money for Anaren--and only 4 million shares outstanding, with half of that controlled by insiders. I started buying it two years ago, based on the fact that I believe it is the purest play in the emergence of all of the new satellite telecom projects going up. Now, if Anaren were to get bought out by Motorola or AT&T, I'd probably stop covering it and sell the stock, since the stock would now be a function of what the acquiring co's stock was doing, not a proxy on the pure play technology. When the pure play is over, I'm not interested. I'm sure this was BB's feeling with ONTK--the original investment theme was over, so why stick around?
Sure ONTK kept going up, but the bottom line was that BB either a.) felt the pure play aspect of ONTK that he was looking for wasn't there anymore; or b.) just didn't think LRCX was anything more than another commodity-type semi-equip mfr and didn't feel compelled to stake his bets and his reputation on LRCX as he did with ONTK. Apparently, you guys made money, so quit bitching.
Gary |
