We believe we are in the second half of a semiconductor-cycle decline. The bias should be toward building positions while being price sensitive. We believe downside risk to equipment stocks is less than potential 12-18 month rewards.

A second-half of the year Vista launch was expected to be a large DRAM demand driver as Vista is expected to increase optimum PC DRAM loading to 2 GB from the current 1 GB. With Vista now delayed until 2007, DRAM demand drivers in the second half of the year could be absent.

There is evidence of racial bias in the hiring cycle.

We see now for several weeks already a consensus around a decline of semiconductor market year-on-year of 26 percent,

In the second half, we were down and we couldn't get back up.

I really wanted to come out in the second half and show that we had more than we had showed in the first half. We came out and started hitting our shots and our confidence just grew from there.