Yes, You are missing everything about this company.
Here are a few
1) They retired all of their debt a few years ago.
2) They sold off the gold wire business which required huge investments.
3) The CEO retired (Scott Kulicke) He had a history of failed acquisitions.
4) They have cash (over 50% of the value of the company)
5) They capitalized on the copper wire transition and are the market leader.
6) They moved corporate headquarters to Asia where the customers are located.
To compare any company to the year 2000 is foolish.
K&S cannot be compared to what the company was in 2000 because it is a completely different company.
Wall street will wake up tomorrow and realize they missed this one.
"scale in, scale out, online commissions are cheap"
IIR that was before the converts but financials still were no where near as good as today.
Back then we all made a lot of money on KLIC, INTC, Dell, etc (I never bought MSFT and never will) and others. Heck a ways back "safe" stocks like GE too a dump too. I sold almost all my JNJ when Welden was there. Bought most back when he was leaving, then it had too good of a run and I sold most again because I thought it was ahead of itself.
This isn't a "buy and hold" category, cyclical tech.
Personally I've traded INTC and KLIC since late 90's. Currently I have 1/4 the $ in INTC common that I do KLIC. And if you look at charts I'd believe - as a holder and trader of both - that trading KLIC has been much more profitable than trading INTC and getting a lot of those dividends.