It's pretty awful seeing Infineon shares at under a euro, as they have been this week, and TI and NXP announcing they expect 25 per cent drops in revenues in Q408 compared to Q3.
Consensus earnings expectations for the semiconductor industry next year are expected to be 25 per cent down on 2008.
But, as everyone in the semiconductor industry knows, when the industry sinks to appalling lows, it is only in preparation for a bounce-back in a blaze of glory.
As the FT acutely observes: "The darkest hours for chipmakers have tended to be the best moment to buy their shares. That could come early next year, since inventory levels were not that high going into this downturn."
So, chaps, don't blow too much on the pre-Christmas binge, the old girl's new nightie, or the post-Christmas Caribbean mini-break, keep your dosh for that stock-buying opportunity in 2009 when you lay the foundations of your next fortune.