Lam Research (LRCX, NASDAQ): To the Insiders Message Board

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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders

LRCX 200.99

-1.0%

3:59 PM EST

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To: All Mtn Ski who wrote (5314)	5/3/2005 2:18:51 PM
From: Cary Salsberg	Read Replies (1) of 5867

RE: "America sneezes...Global economic growth declines further..." There is no doubt that there are problems with domestic and world economies. But, domestic and world economic growth continues. As Brian has pointed out, semi sales are growing and have surpassed 2000 peak levels. As long as economies are expanding, semi growth will continue and be at a pace greater than the economic growth rate. The semi industry is growing prudently. It is likely that only a recession will produce a down cycle. A recession is not on the horizon. I have seen rising sales and earnings for the companies I am holding, but declining PEs. I can't tell when the PEs stop declining and start expanding, but I am confident thay will and the companies will still be operating successfully when that happens. I am not just a buy and hold investor. I sold 75% in 2000 and moved 60% into 5 year CDs. I started buying again after 9/11 and I will finish up at the end of this month. I have pretty much shown a breakeven performance with these purchases.

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