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

To: Allen Furlan who wrote (4233)	6/8/1998 2:31:00 AM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78567

Alan, Martin Whitman has been buying semi-equips for some time now. But then he's a fund manager and has to buy $mln dollar positions. :-) FSII and SVGI are second tier companies in my opinion, so I would not buy them when first-tier companies are on sale. ESIO is definitely a first-tier company. ADEX is also a second-tier company that supplies wafer-producers. As such it's not interesting to me. Wafer-producers are dead until wafer overcapacity is soaked. Semis may buy semi-equipment even while bleeding to death - they have to play the no-limit poker. Wafer cos can (and have to) stop ordering until the fortune turns. They are not so dependent on innovations as semis are. I'm afraid that ADE is not in the best position right now. They may be an excellent investment when wafer cos massively convert to 300mm wafers. However, this is just my opinion, biased by fact that I foolishly hold some WFR. :-((( Regarding Whitman's opinions about Japanese Banks, he probably has more info than any of us. IMO, foreign investment is risky enough without delving into cross-ownership, dubious reporting on books, and high debts prevalent in Japan. I'd buy a good mutual if I went foreign, or at least stick with companies that conform to American reporting standards, and have an excellent long-term financial history. Good luck Jurgis