Thanks to Peter and others for the kind comments, but part of the credit goes to a distant relative living in San Diego, whom I met at the wake for his mother in early 1992. He was a mathematician who had taken a course with Jacobs and thought highly about the group of people who had just organized a new company, after selling their earlier company, called Linkabit. On returning home after the wake, I accessed Dow Jones online and could hardly believe what I saw - a company with proprietary technology, experienced management track record, and a product generating enough cash to cover their research and development costs for other products. Having been a serious investor for over 45 years, and having been a registered investment advisor for almost 20 years, I have rarely found that combination together - maybe about one company in 5000.
I believe there is a lot of hype going on, pushing the price of Q well up there, but even so, especially when you look at how investors treat some of the Internet stocks, it is unlikely that many investors appreciate how good QCOM is, and how rare it is to find a company with all the fundamentals in place. |
