Jan 26, 2021Liked by Doug O'Laughlin

Thank you again for this exceptionally lucid overview of an otherwise challenging industry to understand. I wanted to ask about your framing of timing the cycle. Is this much like the cycles you've seen before as far as length and breadth go (ignoring the share prices for a moment)? Is 3Q '21 being the peak potentially very wrong if maybe things are different this time? What do you make the argument that the industry being more consolidated in various sub spaces (like DRAM) so it won't be like previous horrible cycles? Thank you.

Expand full comment