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

To: All Mtn Ski who wrote (4685)	8/1/2001 10:11:19 AM
From: BWAC	Read Replies (1) \| Respond to of 5867

<Can anyone tell me why> Take your pick: A.) the stock price bottom was months ago. B.) Everyone has bought expecting an imminent turnaround C.) Everyone might just turn and sell such a turnaround D.) The turnaround can't start until these fall to the normal depressed levels we all expect. E.) Who knows. Logic has left the building. All I know, everytime I have bought at the current price to sales ratio etc. I have been wrong. Many of these companies are just now hitting their first negative quarter of EPS in the down cycle. If I remember correctly we did some sort of mid price point pause like this last time before dropping to new lows as a second negative EPS quarter came out. Then it was buy time.

To: All Mtn Ski who wrote (4685)	8/1/2001 10:17:26 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 5867

Tom, IMHO, I always believed the trough valuations in '96 and '98 were ridiculously low at one times sales or even below, given the barriers to entry for the sector and the near guaranteed record profits only 12-18 months away. Companies going bankrupt trade for about .5X sales, not too far from where this sector was, which is why I overweighted this sector during those years. People on WS were short-sighted and were easily scared out. I do not believe we will ever revisit those lows now or in the future. It used to be the case that an easy 5-10 fold increase could be had by betting on the leaders in a cycle. However, the market operates like a grocery store checkout lane. If people see that there is an empty lane while their lane is congested, they will move over to the empty lane. Similarly, here in the SCE sector we had a virtual guaranteed 5-10 fold increase in share price. That, like an empty checkout lane, is too good to last for long. Brian