Analog Devices Inc at Citi Global Technology Conference Transcript
Your friendly neighborhood semiconductor analyst here at Citigroup. Next up, it's our pleasure to have Analog Devices, otherwise known as ADI, one of the best companies in semiconductors. As you all know, they've been a market leader in high-end analog, which is one of the best, if not the best market in semiconductors for some time, essentially invented the converter for those of you technology-savvy folks out there in semis. So this market is characterized by very high barriers to entry and very high margins. And so ADI has also, since those high margins generate a lot of cash, done a very good job of returning the cash to you, the shareholders. And traditionally, it was in the form of a dividend, but about 5 years ago, I guess 5 or 6 years ago, when the young fellow over to my right took over, they embarked on a very successful acquisition strategy. Now they started small, dipped a toe into the waters with Hittite, which ended up turning out very well. And then 2 or 3 years later, they went after the big Kahuna, Linear Technology, which
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