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Technology Stocks : Speedfam [SFAM] Lovers Unite ! -- Ignore unavailable to you. Want to Upgrade?

To: Nevin S. who wrote (3087)	7/3/1998 1:29:00 PM
From: David Kuspa	Read Replies (1) \| Respond to of 3736

Nevin, a very well thought post, similar to the kinds of opinions expressed during the last downturn. What I meant is that back in 1996, we spent a lot of time talking about how CMP was going to be a vital technology going forward, about how SFAM was a leader in CMP, about how it could be that the company was trading below or at book value when it had so much potential. Companies regularly trade below book value when their futures are not very bright, or even just a little cloudy. My message to Don was that you can't ignore the realities of the market. It's not what you think a company's worth, it's what the market is willing to pay for it. SFAM is now below "book value", and don't kid yourself that it can't go much lower, especially at a cash burn rate of $12 million/quarter, if that's accurate. I watched my star pick SFAM go from $11 to over $60, and then come crashing down. My 5-bagger turned into a 2 1/2 bagger by the time I unloaded all of my position. If anyone else is still above water, I think they would be much better off putting their money to work elsewhere for the time being. There will be plenty of time to get back in. Even SFAM is saying their slump will probably last until about 1 year from now, mid-1999. As always, do your own research, D. Kuspa