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

To: StanX Long who wrote (4345)	7/29/2002 2:54:50 AM
From: Barry	Read Replies (1) \| Respond to of 95541

Stan, I don't disagree with you, with respect to the line ahead of Morgan - there are far more corporate executives who deserve to be punished more than him. However, Morgan was very disingenuous with his comment on the cost of options (unless the majority of them expire worthless). While I think executives spending shareholder money on luxury boxes, golf outings, Springsteen gigs, or on corporate jets is egregious, as well, the cost of option grants are often many, many times more costly than the others listed above. I sincerely hope most of these execs don't think about repricing them at year end, but I'm not optimistic, because I've been through this many times before...the execs invariably never fail to exercise their option to be greedy. Okay - enough of me and my soapbox. I love the semi equips because they enable the chipmakers to produce chips more cheaply and thus indirectly help to enhance the standard of living for everybody. However, I wish there was a way to push demand to match the speed at which supply continues to increase....while advances in tech continue to march forward, possibly doubling output every 18 months or so (depending upon how one measures output), the rate at which demand for the end products is usually lumpy, and certainly over the past couple of years has not been keeping up with the growth in supply. And it looks like it will take a long time before the current and future excesses will be wrung out of the system or matched by incredible leaps in demand. We will need some bankruptcies in telecom that truly take out capacity, and some unforeseen applications that are compelling enough for everyone to upgrade their hardware, before we can once again experience the growth and profitability we saw in the 1990s. I think it will take a few years. I hope I'm wrong.