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Technology Stocks : Semi Equipment Analysis

SOXX 285.23

-3.7%

4:00 PM EST

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To: Cary Salsberg who wrote (6976)	11/20/2002 10:40:39 AM
From: robert b furman	Read Replies (2) of 95596

It will put me at a point where I'm margin free and if I desired I could have a huge purchasing power. At some point a margin level that exceeds my capability to shore up with reserve cash has restricted my level of aggressiveness. In 1998, I was so leveraged that I was beyond any hope of paying it off if the market turned south.I vowed never to go there again. I wasn't sleeping very well at all. I was very fortunate to have bet correctly with the market.I then bailed early in 2000 with the exception of holding a few thousand shares of Cohu and all of my KVHI. Since October 18 of 2000 I've been "adding to" on VIX spikes and some other emotional based moments of weakness that curse me at bottoms.gg In between, I've not changed my lifestyle and have been dollar cost averaging with my pay check and living comfortably on my wife's income. I'm dreaming of getting margin free and banging the last and final shakeout in a last defiance to this already record long bear. Hey everybody needs a dream.gg If that doesn't occur - I've accumulated positions in 2 great companies that exceeds most of the Directors and management holdings. To have value positions in great companies with no margin is a position I can let Mr Time take care of me on. My vision of tomorrow is a world with many more chips.Where communication takes place with Photons Satellites and wireless. Of this I am very sure and I like you look for leaders in long term trends, that have zero debt,great margins during the up cycle and large cash hordes to assure R&D during the troughs. As their businesses cycle -it allows long term accumulation that multiplies the total ownership of the underlying stock. The one goal I have not been able to accomplish is to short the entire position at the top -which would capture the purchasing power which could be leveraged at the bottom and then cover at the top - without incurring the tax liability. So far it just has not been in my nature to short - an investor must know his limitations. I don't say that giving up - but it is really hard for me. If one stays long term in perspsective and catches the middle 50-60% of the move on these long term cycles - sooner or later one will end up reporting your position to the SEC.gg Bob

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