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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets! -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (6960)	9/19/1998 1:53:00 PM
From: Clarksterh	Read Replies (1) \| Respond to of 10921

Ramsey - I was using SEMI is an abbreviation for Semiconductor Equipment Materials International - mainly an organization of the semi-equipment manufacturers. Sorry for the confusion. And if you think The SEMI industry is purely cyclical, how do you account for the fact that even at the depths of this cycle we still have equipment orders several times what they were in the early 90's. Clark

To: Ramsey Su who wrote (6960)	9/20/1998 1:25:00 PM
From: Mason Barge	Respond to of 10921

<<I am suggesting that the semi-eq sector is cyclical>> You guys are just having a semantic problem. In investment terms "consumer cyclical" refers to retail sectors that depend for revenues on discretionary income, while "growth" stocks depends on increasing overall market (or market penetration for an individual stock, like Coke). Although you could say that "appliance" PC builders (and suppliers in the chain, which would include equipment stocks to a degree) might have characteristics of consumer cyclical stocks, I think that this is much better characterized as a general growth industry for a number of reasons. On the other hand, semi equipment stocks are subject to a vicious and pronounced historical "cycle" of revenue and price. But IMHO it wouldn't be accurate to call them "consumer cyclical" stocks, even though a great deal of the last down-cycle was largely driven by financial and even end-user market considerations. There is just too much emphasis on product improvement, non-retail use, and completely untapped potential market possibilities.