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Pastimes : The New Qualcomm - write what you like thread.
QCOM 151.59-0.4%Jan 30 9:30 AM EST
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To: DaveMG who wrote (346)9/24/1999 9:08:00 AM
From: gdichaz   of 12254
 
DaveMG: Just to try to be clear. I am a buy and hold person, always looking for new technologies (narrowed in my case to an area similar in scope to George Gilder's Telecosm - though I had heard of neither when I decided on telecom equip broadly defined with my emphasis on wireless and fiberoptics). This you know already.

I find the core of Voltaire's thesis interesting. Like you I assume that conspiracy is less pervasive than many (including Voltaire) may postulate. But for years the hairs on the back of my head have bristled at the media mouthing off about the "investors" do this or do that moving the "market" hundreds of points in a half hour. That is nonsense IMO. Traders and speculators move markets in the short run. Which individual do you know that uses program trading routinely? And do the Houses take action to move the market, everything in me from long observation tells me they do.

But let's take Qualcomm. Nothing the Houses can do can stop the long run appreciation of the Q IMO. That's why I have no intention of selling the Q - ever.

And market timing is something I consider a fool's game, since I was one of the fools that tried it and failed. And I consider myself a reasonably good observer and analyst.

However, I have some Q LEAPS I bought in late 1997 which are pretty valuable right now. So I am forced to watch the market moves a little more carefully between now and January to time some LEAPS sales to use that money to exercise other Q LEAPS.

Therefore I am interested.

And long term investor or no, I am always curious intellectually.

So I find Voltaire's ideas of interest. As are those of the man he calls "The Frenchman" - Gregory Mullineaux - for whom he has respect.

Your points are well taken. The individual is much better equipped now than he was. And as a member of an investment club to help my neighbors learn a little about investing, I am always struck by the advantage I have as an individual to move at the drop of a hat - before the hat hits the ground - if I as an individual see a reason to. That is a huge advantage over a committee or a "House".

But the "Houses" have mass, have media "influence" and perhaps even talk to Sommers and Greenspan now and then.

Is all this a true conspiracy? I would suggest that the actions of the "Houses" and the "media" et al is more like a marriage of convenience - or probably more like a "significant other" relationship.

Best as always.

Chaz

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