Taiwan Semiconductor MFG. (TSM)

Sold half of his position around the $20 mark. Chinese market for mobile phones and smaller devices is what is really going to drive a lot of the semiconductor market moving forward. Unfortunately, phones do not require big or expensive chips like what is needed in a notebook, PC, etc. Defensive tech at the moment is not very interesting. People are looking for high levels of growth. If this dips down, you could buy it.

This one has done very, very well. The challenge of the semiconductor market is whether or not the market is going to transition to a growth or going to go back to a defensive story. Semiconductors are coming towards the end of the cycle and 4% dividend is not really high growth. He expects there will be a rollover of technology stocks generally. Semiconductors lead the technology sector. Watch it up to the 4^th quarter and see what happens.

Manufactures semiconductors for most of the companies. Have been growing their market share quite a bit.

Sold off last Friday on the back of earnings. The concern was that there was going to be lower margins moving forward. In his view the company is still the leading player in the leading technology space for the next 2 generations so profitability will continue. Lower margin issue is just related to emerging markets. Good story. Good 4% dividend.

Likes this but a lot of techs are ahead of themselves. Wait until the middle of the year before you start looking for tech stocks.

Manufacturing outsourcing company and makes semiconductor chips. Has a technology lead, so every time there is a new generation, those chips come from this company. Newest generation of chips tend to have the fattest margins. Very good balance sheet. Good dividend. Thinks it is a little overdone right now and would prefer it at $16.

Has done very well. They don’t design semiconductors. They make semiconductors for other companies. As semiconductors become more and more complex, there are fewer and fewer companies able to do it. Probably getting a little expensive.

There is a secular growth in the industry and this one is fairly uniquely positioned. They are a manufacturer for many of the designers of these products. Also, a number of fabricators are outsourcing their fabrications to them. Very good market share. Good dividend yield and thinks it will grow 3.5%-3.6%.