Bill Wexler's Profits of DOOM Message Board

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Strategies & Market Trends : Bill Wexler's Profits of DOOM

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To: Bill Wexler who wrote (3426)	10/6/1998 1:31:00 AM
From: F. Lynn	Read Replies (1) of 4634

Really? Won't the marginal players run up more, since their stocks are discounting less? In some cases I would agree with you but here the valuation disparaties are so great and amat's halo effect so huge that I seriously doubt it..it is not like 20% or 30% premium to industry multiples, but much higher, particularly the P/B to P/S ratios. And in past cycles niche players like SpeedFam, CFM Technologies and PRI Automation were big leaders. AMAT was a steadier gainer, b/c their role as industry bellwether left them as the no-brainer choice for pm's who wanted semi cap-ex exposure, so amat's valuations never got as compressed. I believe the same thing will happen this time. techstocks.com

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