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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Sun Tzu who wrote (5115)	5/13/1999 5:21:00 PM
From: Andrew Vance	Read Replies (2) \| Respond to of 15132

I am concerned about this but I am trying to research what this really means. There are limits to the conversions and there are some conversion restrictions. My first question is if they convert, can they convert back? This may sound silly and a stupid conversion to undertake, but I would like to know. Second, other than the obvious, are there other reasons for the conversion? While this sounds absurd (Above), my concern is not too concerning<GG>. As outrageous as the disparity might seem and might be, this is one case where I believe we can make it up in volume, er CAPACITY. When you go from 50% capacity to 100% of capacity and when you ramp up a losing proposition like WaferTek to a profitable situation, and when you build new foundries you fill, you have an overall profitable situation. Due to circumstances that I personally do not like, I have to live with the discrepancy and move forward. Most of us do not like the arrogance of AMAT when we have to deal with them as Engineers, but it does not prevent us from buying their stock. Same is true with full service brokers. We don't like the outrageous commissions on top of the spread but sometimes we still use them. I do not like this differential with TSM but, regardless of the disparity, TSM will perform going forward. So, if it is a matter of time before this is sorted out, it may not be soon enough if TSM starts a strong positive cycle. This may sound like Double speak but we will be publishing some fundamental reasons for our bullish outlook in RadarView tonight. Once we finish writing that analysis we might remember to print it here. If not, feel free to contact me by private mail and I will send you the information. Andrew