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To: Sultan who wrote (16916)	1/18/2000 5:52:00 PM
From: Andrew Vance	Read Replies (1) \| Respond to of 17305

AV -- KLIC floated in and out of our portfolio over the past year and it presently is in the protfolio but with no investment strength. We made some profits along the way but to be perfectly honest, we left a great deal more profits on the table than we took off the table. KLIC is a back end equipment provider and not directly in our core competency. This did not make KLIC any less valauable, it was just an error of comfort level. In the back-end, we had KLIC, ASMI, LTXX, TER and maybe one or two others. The comfort levels in these stocks were such that I do not believe we were invested in every one of them at any point in time. We rotated through the group and concentrated on the front end equipment companies we felt more competent in. This resulted in decent returns on ASYT, KLAC, AMAT, NVLS, etc. at the expense of not heavily investing in comapnies such as KLIC. Therefore, KLIC was a limitation situation and a stocks we did not invest in for too long. This was the cost of concentrating in an area we felt more comfortable in and it did cause us to miss a good run up. We did lick our wounds with TER, LTXX, and ASMI profits and should have had the stamina to back our intuition in KLIC. I say this from a personal perspective since we did talk about and discuss KLIC over the past year and I am sure a few readers made some strategic investments that have paid off since their original entry. In this case, your comfort level in KLIC has paid off handsomely and there is no real reason to be concerned about the company. KLIC is findamentally sound, has perfromed, and will continue to perform, in my opinion. It has been a nice run up these past few months. Andrew