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To: E_K_S who wrote (22189)	5/13/2000 7:48:00 PM
From: Jack Hartmann	Read Replies (1) \| Respond to of 25814

Eric, I just read Barron's and the fund manager interviewed had this to say. . There has been a noticeable absence in semiconductors of the kind of panic selling that has hit most tech stocks the last couple of months. That's good news and bad news. It's good news because we have been long a lot of them. The bad news is we may be in the process of building up expectations that can't be sustained. My guess is that over the next six to 12 months, our exposures in semiconductor names will probably start shifting to the short side from the long side. interactive.wsj.com ************* What I find disturbing is that this managers and others know that it has been a cyclical industry historically. Seems to be a dance to see who can time the cycle's peak and exit with the most money. AMAT's CEO thinks it is a six year run. Tough to say. Book to bill was 1.45 to 1. I think watching this number may tell when funds may reduce their exposures to semis. Almost as if it may resemble the biotech collapse in March. That sector runup was so long and so high, just needed a trigger to collapse it dramatically. I guess the long term investors should be looking for the door sometime Q1 2001. That might be a good target give or take a month. Jack