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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: michael97123 who wrote (66220)	9/23/2002 6:37:58 PM
From: Cary Salsberg	Respond to of 70976

I am saying that the EPS level and growth rate during the next up turn is not a function of the low price during this down turn. I am not talking about a bear market rally which presumably comes without any real long term up side visibility. From the bottom in '96 to the top of '00, AMAT was a 10 bagger. There was no relationship between the low and high prices. If you had hindsight on the business performance, you could not have predicted the prices. We are in a once in a lifetime bubble aftermath for technology. When, not if, the adjustment to the excesses is complete, the growth rate is likely to be vary rapid because of the innovation that is continuing. The winners on the other side of the chasm will grow rapidly and be given high PEs. No prices, today, are discounting any of this.