Billionaire Joseph Harrosh of Fremont, California apparently doesn't share the market's shaky confidence in

Gilat Satellite Networks

(Nasdaq:GILTF), which has been downgraded by several investment houses.

Harrosh is famous for buying the dips. Yesterday he notified the United States Securities and Exchange Commission that he holds 6.16% of Gilat's 24.1 million shares, or 1.5 million shares, worth $20.2 million.

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The investment houses covering the stock don't think Harrosh will gain much of a return on his holdings.

UBS Warburg

, for example, has set a $14 price target for the stock, 4% above its current price. At its peak, the stock traded for $174 a share. Had Harrosh invested in the company at its halcyon days, his holdings would have been worth $261 million.

Harrosh: An indicator the stock is recovering

Harrosh's portfolio includes shares in

PictureTel Corporation


Polaroid Corporation

, Silicon Graphics (NYSE:SGI) and

Brown & Sharpe Manufacturing

(which has a remote Israeli connection, in the shape of a small research and development center it maintained in Kfar Saba, until


(Nasdaq:ORBK) acquired it at the beginning of the month).

After his investment in Polaroid, wrote that in recent years, Harrosh has been increasing his holdings in companies that he believes face interesting business opportunities, such as a merger. He increased his holdings late last year in Gibson Greetings, when

American Greetings

announced it intended to acquire it.