August 2012 for our industry was a quiescent month, but a disconcerting one nonetheless. By its end, the Caris & Company Semiconductor Composite Index had appreciated 2.2%, which was certainly a valuation gain superior to that of July. And yet, comparing our Index to the NASDAQ Composite Index on a year-to-date basis (page 4), it is evident ? and disappointing, if not alarming ? that the increases in their respective values (6.8% vs.
17.1%) seem to indicate that the prospects for the semi.