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To: Sidney Street who wrote (47)	10/19/2000 12:43:38 PM
From: Raymond Duray	Respond to of 84

Hi Sidney, I've been struck by the disparity in valuations, as have you. The market for semi-equipment companies is, to a certain degree, influenced by institutional memory of this being an extremely cyclical industry. Thus the Jon Joseph call had an air of plausibility when it first broke the dam last summer. I am trying right now to sort out the world-view of the world weary intitutional investor who knows that there will be a time to get back into the semi-equipment sector. Is the lift-off today the real thing? I don't think so. This nice rise has a feel of headfake about it, IMVHO, and believe me, this market has a way of humbling me. :) More later, Ray