It's all relative isn't it? Just because lrcx had gained more doesn't mean it's overvalued. lrcx performs better but it was undervalued to begin. So when you do make a comparison, you shouldn't compare stock performance. In short, he was wrong. Even with the gain lrcx's valuation is just slightly below those of its peers. It may be that the top is near, but I doubt it. For one thing, everyone is so sure of it. Second, the cycles are stretched and longer now, it seems. The down turn was so long that the up trend can't be so brief. There is still plenty of time.