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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (1951)	2/13/2002 5:29:55 PM
From: Michael Young	Read Replies (1) \| Respond to of 95966

<<As you point out, the KLAC numbers are very high now, but keep in mind one thing - as time goes forward, the sales and earnings numbers will be constantly raised as the recovery gets further and further along. >> True enough. But these stocks are considered trading vehicles to a large extent. Investors historically have looked to load up when times are bad and catch a huge percentage return as the cycle returns to a peak. Will investors be content to accept very limited upside in the current cycle? At what point do fundamental oriented investors decide that a return to great prosperity has already been fully priced into the group? MIKE