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Technology Stocks : Deswell Industries (DSWL)

DSWL 3.390

-0.3%

Nov 7 9:30 AM EST

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To: Shane M who wrote (863)	8/4/1998 11:39:00 AM
From: Ron Bower	Read Replies (2) of 1418

Shane, As I understood it, Galbraith's reference to Shumpeter was his theory on the necessity for 'boom/bust' cycles as a weeding out process to eliminate companies that are successful only because the economy is doing so well. Galbraith referred to the events in Asia in this context. He also said that the US is entering a cyclical downturn phase, but that the US is better prepared to make necessary adjustments while Asian politicians and business will find it difficult to respond. (I think we are seeing evidence of this in Japan's procrastination) When I heard Galbraith's remarks, I thought of Deswell. While all is collapsing around them, they have the financial reserves and ability to ride out the downturn and in the end, the Asian Crisis could be beneficial. However, their track record is success with no period of struggle and the management may lack the experience to make needed adjustments. In other words, this is an opportunity if they don't blow it. FWIW, Ron

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