andrew, excellent find! <<"Slowing growth in Asia will affect the semiconductor area, but I think that probably the market is underestimating the value of increasing economic growth in Europe, which will offset it," said Courtney Smith, chief investment officer at Orbitex Management Inc. "A 10 percent decline in Asia is probably about the same as a 2 percent increase in Europe, because it's a bigger base. It obviously is a big deal, there's no question about that. But I think the market is still underestimating Europe. So, I think this is setting up a buying situation, particularly the semiconductor equipment stocks. Novellus Systems and Cymer Inc. are setting up for good buys.">>
This is interesting. In mid 1996 semiconductor stocks were being trashed by the media, including Tom Tom Kurlak (the Piper's Son, you know, the one who stole the pig and away he ran). Baron's ran a series of articles on semiconductor trash stocks, but did quote two individuals, one being Courtney Smith as stating that he was putting all his eggs in semis (and he was excited about it - I can see why now) - at the same time everyone was abandoning ship! I read the article with disbelief in Courtney's bullishness. Turns out Courtney was very right then. He's probably right again. |
