Applied Materials No-Politics Thread (AMAT) Message Board

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Technology Stocks : Applied Materials No-Politics Thread (AMAT)

AMAT 230.15

-3.2%

Nov 4 3:59 PM EST

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To: Kirk © who wrote (12197)	11/25/2004 12:06:01 AM
From: Cary Salsberg	Read Replies (2) of 25522

RE: "A chart worth 1,000 words" You are aware, I trust, that the whole chart merely reflects the choice of the starting point and starting price. What you call "out perform" is merely greater volatility caused by picking a much lower starting point. It is not surprising that LRCX was much lower. During the years from the peak in 1995 to the trough in 1998, your chart's starting point, LRCX had sufficient losses to wipe out 1/2 of its book value. I believe that this period marked the end of LRCX's leadership in the semi-equip business. New management from AMAT has made the operation efficient and has allowed the company to treat etch as a cash cow, but I believe the future for LRCX is different from the futures for AMAT, KLAC, and NVLS.

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