He first bought shares at $13, on average, in December 2000, after the company announced disappointing earnings.
After all, many manufacturing companies have blamed this year's disappointing earnings on the strong dollar.
Slowing retail sales resulted in disappointing earnings for the company last year.
The move comes after several quarters of declining market share and relatively disappointing earnings.
The mood could turn, however, if a big company issues disappointing earnings.
Then on the next day, a set of disappointing earnings would return them to the bad news of the moment.
National Semiconductor was one of the few companies that talked about disappointing earnings yesterday.
The managers often sell shares after one disappointing earnings report.
In this light the earnings of the second quarter, already disappointing, looked even worse.
In late September, the price fell sharply after the company posted disappointing earnings.