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

To: Alastair McIntosh who wrote (6626)11/2/2002 1:28:54 PM
From: Cary Salsberg  Read Replies (1) | Respond to of 95530
 
RE: "The five year average operating cash flow to sales of chip companies has declined from 19% in the early 1990's to 11% for the past 5 years.

The "past 5 years" included 3 boom and 2 bust years, certainly not the time for operational efficiency. Do you really want to use them as the basis for declaring a "secular trend"? Your "capacity utilization" argument did not hold during the boom years.


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