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

To: Sam Citron who wrote (11340)	9/1/2003 12:05:33 PM
From: Cary Salsberg	Read Replies (2) \| Respond to of 95888

RE: "My impression was that recovery starts with quality outperforming..." Quality has outperformed on the move to the bottom. When the market hits bottom and starts its recovery, the lesser quality companies, which were driven down the most, initially, rebound the most. That is where we are now. Next, stock performance more closely mirrors business performance and quality retakes the lead. Then, as the business recovery matures and stocks rise, your descriptions of "junk...floating to the top" and "frothy market" become important. It is instructive to think of "quality" as those companies which actually have a chance to meet or exceed current analysts forecasts. Right now, at the very beginning of the business recovery for technology, it is all guesswork with a recent history of total error.