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TWST: Would you give us a quick overview of Global Crown.
Dr. Tishchenko: Global Crown Capital is a San Francisco-based, full-
service, independent, boutique investment firm. We specialize in equity
research, institutional sales and trading, hedge fund services, wealth
management advisory services and asset management. On the equity
research side of the firm, we cover semiconductors, semiconductor
capital equipment, biotechnology and medical devices, as well as oil and
gas and nanotechnology. We also have technical analysis. The scope of
coverage is determined by sector rotation, and, looking at the sectors
we cover, you will recognize major market sectors that money moves in
and out of throughout the year, from semiconductors to oil, from biotech
to health care. Most recently, Global Crown Capital was in the spotlight
after launching the industry's first nanotechnology hedge fund and
venture fund which is designed to serve as an investment tool to
capitalize on the growth ' both short and long term ' in companies in a
broad range of industries (including health care, drug development,
defense, chemical and electronics) involved in activities commonly
referred to as nanotechnology. TWST: Today, we want to talk about the semiconductor equipment space. As
you look at it at this particular juncture, what's the state of the
industry?
Dr. Tishchenko: I think the state of the industry is very healthy and I
want to emphasize that we're talking about the industry, not the stocks.
After non-adequate spending during 2005, the industry is poised for
expansion, and it's not just expansion in advanced technologies using
300mm wafers. I think we are going to see (unexpected by many analysts)
capital spending related to semiconductor manufacturing using 200mm
wafers and more mature technology nodes like 0.18 micron. The industry
data indicates that there is a shortage of capacity at 0.18 micron,
driven by a significant increase in demand for consumer-related
semiconductor devices.
Tickers included in this excerpt: AMAT, ASML, CMOS, CYMI, FORM, IC, KLAC, KLIC, LRCX, NVLS, RTEC
For more information call (212) 952 7433. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
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