I learned that Fender owned Guild while the DeArmonds were made. That's why the 90's Korean DeArmonds were so good. Then, DeArmond got discontinued for a few years, and Fender decided to reintroduce them by the Squier division. The new ones are lower in quality, but the mid-late 90's DeArmonds are killer guitars for LOW money. My 98 DeArmond M-72 is just about the same quality as my Gibson LP's, and I only paid $275 for it!