Compare that with semiconductor firms that are trading at 30 times their peak earnings, said Mr Norris. Call me old fashioned, but I quite like companies that return money to shareholders.

• “与半导体公司收益达到顶峰时的30倍市盈率相比，”诺里斯先生说，“你可以说我落伍，但我很喜欢那些把金钱回报给股东的公司。”