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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Justa Werkenstiff who wrote (8198)	11/26/2001 5:00:53 PM
From: orkrious	Read Replies (1) \| Respond to of 99280

I guess we are runnin' on rally fumes. Justa, here is another view. The question is, how long are they going to play muscial chairs hoping they are not the last person left standing? Herb Greenberg semi equipment 11/26/01 2:50 PM ET Goldman out with a fascinating note that pretty much explains what is going on with semi equipment and other tech stocks: "We were out meeting with investors last week and came away surprised with the uniformity of short-term focus that is pervading investors’ mindsets as we approach year-end. Essentially, the investment community has an even greater than normal paranoia about performance as this tumultuous year comes to a close. The desire to load up on beta (combined with a number of supply-chain build related positive semi data points) has generated a significant positive bid to the semi equipment stocks. Few investors with whom we met believe there are any fundamental reasons to own semi equipment names. Most agree that valuations are still way out of line with where we are in the cycle and that the downturn is likely to either take another leg downward as technology buys dry up and/or last longer than the broader market currently contemplates." I'm still back on the line that investors can't see "any fundamental reasons to own" these stocks, yet they do because they're going up and they need to show them in their portfolios. The ultimate in herd mentality. Safety in numbers. Wild. hg