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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 165.13+1.1%3:59 PM EST
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To: DaveMG who wrote (38117)8/18/1999 1:30:00 AM
From: JGoren  Read Replies (1) of 152472
 
those of you who bought qcom years ago were visionaries who beat incredibly long odds.

The prior post as to the rationale of the investment is largely correct. Mine was somewhat a bet on Irwin Jacobs and Andrew Viterbi. I felt that they were the experts in cdma and when they created the IS-95 standard, they could predict where things would go and built in for the future. Second, at the time (approx. 3 years pr more ago) there were many licensees; the likes of LU and the others don't pay big licensing fees without checking carefully the validity of the patents.

Were we visionaries? Only in hindsight. I had a darn good stockbroker who believed in the stock (thankfully Alex Cena worked for the brokerage house at the time, and he was the only analyst to really understand Qcom). Were we visionaries? Not really. In hindsight, like many other investments, I bought too early, tended to buy at the highs, saw the price stagnate or drop, and only by holding onto my convictions and holding for a long time, did it pay off. I did have the advantage of having bought Amgen back in 1989 and seeing the ups and downs for years before its products proved themselves. Everytime I got frustrated, I remembered Amgen and continued to hold--even though I could have made a lot more money if I had traded the stock when it was trading between 40-70 almost like clockwork.
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