Monty Rakusen/DigitalVision via Getty Images Investment Thesis Lam Research (NASDAQ:LRCX) is the largest provider of Etching equipment to the Semiconductor industry. Shares are down 23% from peak. The company earns high ROIC, is likely to grow sales > 10% in the long term and has reduced share count by 28% since 2018; it is a quality compounder that I want to own for the long term. But it operates in a cyclical market, and entry price matters to return. I think we have entered the second half of this positi ...