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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (25536)	1/31/2007 12:51:17 PM
From: gcrispin	of 78659

Paul, I sold half my position in IMOS due to comments from Fred Hickey in the recent Barrons weekend edition. Hickey: There are two types of electronic memory: DRAM [dynamic random access memory] and flash. Flash prices were down in the high double digits in 2006, but we're seeing a build-up in DRAM inventories, as we typically do prior to the launch of a Microsoft [MSFT] operating system, in this case Vista, which was released to businesses in November. The consumer version comes out in January. How big is the build-up? Hickey: Micron Technology's [MU] inventories have risen 63% in the past year. Speculators are hoarding inventory, waiting for a big surge in DRAM buying. It happened when Microsoft introduced Windows 95. There was a huge drop in memory prices after that. IMOS has benefitted from the increase in DRAM requirements to run Vista. So I'm taking half of my position which was purchased at 5.40 off the table at 7.25.

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