As for the led and semis in general, I still don't have a good sense of who will be the leader/best of breed in that space so I have stayed away. RBCN does look excellent on a valuation basis.
I do like MOS as you had mentioned. I'm sticking with larger companies for now. Trying to reduce some risk with lower beta names.
My thing is management and brand recognition. That's why I like AAPL and GOOG, ISRG, CTSH, PCP,SAM, DECK, CLF, FCX,. EBIX is a smaller outfit with high short float but great business model and first mover/moat status.
New positions for me are IRBT, FCX, and AKAM(yep, AKAM s is scary). IRBT, I like the robot thing. I'm trying to find companies with moats or first movers or brand loyalty.
As much as I like the solar/led story, I just don't know who will be the leader.
Companies I'm now looking at MOS, FFIV, ICE, RDY, BMRN, maybe THI? I need about 5 more positions for finish out.
Since I don't short, I can't do and pairs trades. I like your thesis though. You understand their businesses better than I.