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

To: Jay M. Harris who wrote (3139)	8/12/1998 11:20:00 PM
From: spiny norman	Respond to of 3736

Thanks Jay, glad to see you are posting again. I've always wondered about the semi cap-ex model you use and have talked about in the past when you used to post more often. Basically, my question is this. Do you assume that "equilibrium" equipment spending as a percentage of revenues should stay constant over time, or do you factor in any trend, however slight. IMHO, a reasonable argument could be made that over time the equipment component would rise slightly, since there are more process steps/layers/more complex internal structures, etc. One other question. If IPEC and SFAM were to get hitched, whose management would you prefer? regards spiny