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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders -- Ignore unavailable to you. Want to Upgrade?

To: FLSTF97 who wrote (3122)	7/26/1999 2:42:00 PM
From: Duker	Read Replies (1) \| Respond to of 5867

FLSTF97, Appreciated your post. Euphoria, as it relates to asset prices, is always a dangerous thing. That said, I would not characterize LRCX's current valuation as euphoric. It is closer to euphoria than it was at $12, but it is not completely out of whack with their potential earnings power (toss in all the caveats here: sustainability of the recovery, various product meltdowns, management involved in a aviation accident, ...). In terms of resentment toward a company, do you think that people will enjoy buying a MirraMesa that much more than buying a Mirra with an Ontrak cleaner? Clearly, AMAT is going to price the Mesa to move. But, in terms of concentration and arrogance, who is worse: AMAT or LRCX? (N.B., I am long both). I would argue that AMAT is viewed as more of a threat than LRCX. We can look at other products and come to very different conclusions. For example, you can almost buy 2 Exelans for the price of one IPS. Still, I do not disagree with you general point about what you perceive to be euphoria. ?I have heard several different numbers for the AMD/TERES order ... anywhere from 3 to 10? --Duker