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Politics : Formerly About Applied Materials

AMAT 230.92

+3.1%

3:59 PM EST

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To: Jeffrey D who wrote (29087)	3/16/1999 9:54:00 AM
From: Duker	Read Replies (1) of 70976

On the Proposal #3 issue ... I understand shareholder activism and the rest. More power to them. But does the State of Wisconsin Investment Board have to send us letters that read like campaign fodder? Is it necessary for the company to respond with phone calls from a proxy service? These actions seem both costly and (more importantly) condescending. I am of the belief that AMAT's management has done a pretty nice job since 1977. I would argue that they could destroy far more value by making poor acquisitions or by failing to develop competitive next-generation products than they could ever hope to generate in the unlikely takeover scenario. Who is going to buy AMAT? NVLS? Yeah. TEL? Good one. LRCX and NVLS and KLAC and TEL with financing from GE? That'll be interesting. What is the issue really? I for one am not impressed that the State of Wisconsin Investment Board is the 10th Largest US Public Pension Fund. Are they better at managing AMAT than AMAT? Do you think that Patricia Lipton (Executive Director of SWIB) can run the ship better than Captain Morgan? If SWIB does not agree with the management of AMAT, why don't they just sell? AMAT has a pretty decent track record of generating returns for its shareholders over time ... if they don't like it, go "stir up" someone else ... go to Roger Farah over at Venator and complain to him ... go take a few shots at Sunbeam ... The whole thing is ridiculous in my opinion. --Duker

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