@nerdag my view is that when we look back on all of this in a couple of years time, we will see the market over-reacted on the bad news as well as the more recent good news. Isn't that often the case?

It takes some discipline as a long term investor to not get troubled by the waves crashing over the bow.

I was happy to top up at c. $8.57 on the opening after the result. But just as I am convinced time will prove that to be a good investment, I am equally convinced we are not racing back to $20+ over the next year, or even to $16+, for that matter.

At minimum, the local market has learned that markets for electronic devices are cyclical, and the perturbations hit different parts of the value chain in ways that can be hard to predict and as hard to recognise even when it is happening.

We've all learned something about the quality of earnings we might expect from $AD8 in future. Hopefully, we'll not see another bullwhip as sharp as the recent one, but this industry does have them from time to time, and plenty have been documented before. And even though it is transitioning from hardware to software, we have to remember that this is software that ultimately will get loaded onto physical devices. There will always be some exposure to the ebbs and flows of the end market.

But these fundamentals are often irreleavant in the short term, as the traders will trade.

Now, as a final thought, we are often negative about equity analysts on this forum. But in this case, I think the consensus of analysts were about right, bottoming out at $10.47, when the SP got to a bottom of $6.99.

I find it helpful to reflect on the strength of my own conviction here, at times like this. After all, why didn't I seize the bargain at $6.99? Answer, I wanted to see the operational data confirm the thesis ... Q2>Q1. Ultimately, I'll always be driven by what the operational delivery in the real business tells me, That's my very strong bias. Its my edge and my weakness.