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To: patrick tang who wrote (18344)	5/3/1999 2:25:00 PM
From: patrick tang	Respond to of 25814

Lehman's outlook for semis 2-3 years out: lehman.com Whether one agrees with it or not, I think that is a must read for those who invests in cyclical hi-techs like semis. I think the fundamental way of thinking that they used for projections exactly makes up the industry and thus should make up the investment guides. As to the timings of the ups and downs, that's up to the individuals. For those who want to 'average out' everything, they should just stick to steel and aluminium or autos. patrick