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To: Les H who wrote (69922)	2/21/2001 4:39:08 PM
From: Les H	Respond to of 436258

When momo's bail out of stodgy, value stocks... 207.61.23.99 Growth takes a holiday 207.61.23.99

To: Les H who wrote (69922)	2/21/2001 4:40:51 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

<<AMAT's P/S and P/B were much lower the year after the 1995 peak.>> Les, exactly right. The fact that semi equipment manufacturing is an EXTREMELY cyclical industry continues to be lost on many in the media. Therefore historical valuation parameters from the last cycles remain valid. Actually they may actually slide BELOW 1995 levels due to the length of the current cycle and the amount of overcapacity now present. In other words, an excellent short and hold..... Disclosure: I'm SHORT AMAT shares.

To: Les H who wrote (69922)	2/21/2001 4:58:53 PM
From: Mark Adams	Respond to of 436258

Cary said as much recently about the 98 bottom. Everyone [who is long or wants to be long] wants this to be a bottom for the group, but the valuations don't look like 'blood in the streets'. One positive thing; we aren't hearing a debate about a bear market vs correction any longer. <g>