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To: Patrick Koehler who wrote (32667)	4/30/1998 5:39:00 PM
From: Skeeter Bug	Respond to of 53903

patrick, there is now more capacity relative to demand than back in the 1980s. we disagree. i think how a company performed in the past is often relevent. for example, was 1995 a "normal" business environment for a commodity dram mnftr or was the prior decade more indicative of "normal?" of course, 1995 was more normal as mu is minting money like they did in 1995 only 3 years later. right? right? pat, where are the profits this year? mu is avging not a whole bunch more than $0.15 a year for the whole 16 mb cycle to date. after the next 2 qs they may be a whole bunch less than $0.15. back to the normal business cycle so soon, patrick? is it only insane people that can do simple math now-a-days ;-) and with korea at 66% production capacity mu will be back to $3 a year in the second half of 1999, right? let's be real. ;-) insane? hardly. no need to get emotional and attack one's mental state. i've consistently been very bearish on mu's fundamentals for some time and i've been in the right camp - if not too generous. insane? hardly. overly generous would be more correct. we are in a liquidity driven market where too much money is chasing too few stocks and many stocks are making all time highs, one right after the other, when business isn't really growing that fast. all this cash is avoidung mu as it is currently 33% of its all time high. seems that liquidity has some sense. once that free cash dries up, mu the stock will match mu the company.