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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Aloha who wrote (11707)	12/18/1997 9:40:00 PM
From: John Bloxom	Read Replies (1) \| Respond to of 25960

Hi Aloha: You're absolutely right about everything working itself out. Lots of folks here are just way too concerned about the day-to-day price stuff. Ownership is what matters. Not momentary valuation. I have a friend (and client) who owns about $100 million in a single large cap tech stock. Ninety days ago she owned about $120 million in that same stock. So she's lost about $20 million in 90 days. She could care less. And the reason that she could care less is not that she still has $100 million. It is instead that she has well-reasoned confidence that the company is a class act and will continue, over time, to command a substantial part of the money that will be made in that part of the tech sector in which it operates. She has had that confidence, and therefore has not sold the stock, for the entire 27 years that she has owned it, having acquired it around 1975 in exchange for an assignment of patent rights. It was worth about $200,000.00 on the date of that closing. The way I see it is that the Cymer thesis is completely intact. My stock therefore is not for sale. The price last quoted by the market makers is about as relevant to my investment decision as is the name of the song now playing on the radio should I happen to turn it on, which I haven't. Here's to a great company, with a great product, with great execution, in a momentarily lousy market. Momentarily, mind you, could be six months or so. But still an instant, in the grand scheme of things. Cheers, John

To: Mr. Aloha who wrote (11707)	12/18/1997 10:31:00 PM
From: Yakov Lurye	Respond to of 25960

<It's simply other opportunity to buy cheap stock...right?..right??> Of course you are right - it's getting hands on free cash that might prove difficult :) CYMI is a "pure play" stock, so it is not surprising that in downcycle it underperforms the sector leaders. This current downturn is violent, but if it doesn't last too long, CYMI shareholders will catch the upside ride with CYMER still way ahead of its competitors. Very short-term, reported BTB of less than 1 could be a blessing in disguise. If the Street holds "buy on the rumour, sell on the news" rule in high esteem, most of the damage had been already inflicted -unless we are really heading into an overall bear market and recession. I wouldn't be surprized with a short-term change of sentiment similar to the MU situation. The in-earnest buying though probably will not start until the BTB decline trend reverses itself, which gives me some time to raise the much needed cash. CYMI stock has a short trading history, so to get an idea what happens during the down cycles, I'd looked briefly at the long-term charts of AMAT. In 1996, AMAT's low was in January, while SOX low was in July. This agrees with a common-sense notion that turnaround in semi-equips should precede the turnaround in semis. Which gives me an idea that a good time to buy will be once semi-equips diverge from the SOX downtrend. Most likely, this TA change will coincide with a good BTB report. Just a few rambling thoughts Regards, Y.