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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Stewart Whitman who wrote (2668)	12/5/1997 5:28:00 PM
From: Terrapin	Read Replies (1) \| Respond to of 78594

Stewart, re: highly integrated chip companies Do you have an opinion on Cirrus Logic (CRUS)? They recently announced a shift of focus for their PC products division toward <$1K computers with chips that contain integrated audio, graphics and modem capabilities: biz.yahoo.com They have missed earnings in the past and have restructured shuffling division, laying off employees and changing board members. It looks like they might have turned a corner and are well-positioned for 1998. There is much focus on the PC products division but the other three divisions have been growing nicely. Any comments welcome. I own CRUS at avg price of ~$12. Mike, James, etc., I also made use of this time to avg down my price of OXHP to ~$22. Looking forward to some good numbers from that one. Finally, my question regarding when to sell: I own a company named Tyco (TYC) a diversified manufacturing, home safety, undersea cable company (try to find a core business in there! <g>). They have recently completed four major acquisitions (accretive to earnings) and some smaller ones. I have made a nice profit in less than a year but feel that the management is capable and will grow the company in years to come. However, it is now a bit too large for me to comfortably evaluate. Granted, I wish all my problems were of his sort but I am open to advice. Thanks, John

To: Stewart Whitman who wrote (2668)	12/5/1997 9:17:00 PM
From: jeffbas	Read Replies (2) \| Respond to of 78594

Thank you. Maybe we could also add DSP to your short list. I was especially interested in your view of overall semiconductor industry revenue growth. (I should have been more specific.) We see these projections of continued substantial industry growth. That is certainly supported by the two comments I made about increasing penetration of all products and expanded use by China type countries. However, we also have the trend of combining several chips into one and declining prices. Also, we may eventually reach a point where most home computer users have met their needs for the forseeable future. (I just took a quantum leap with my cable modem service and do not see any other unmet needs for quite a while.) I do not have the knowledge base to assess the credibility of what I read. You seem to. Could you speculate as to why ARW and AVT (the leading electronics distributors) have been so incredibly strong in contrast to the stocks of many of the companies they distribute.