Booms and busts are familiar to any student of economics – they form the underlying patterns of long-term performance, for whole economies and for individual sectors. A recent report on the semiconductor chip industry helps to show the pattern – and sheds some light on where and how investors can position themselves now for maximum advantage. To begin with, the report, based on global chip sales data, places the start of the current cycle in early 2020, at the beginning of the pandemic crisis. W