Interesting interview in this week's Barron's with managers of the openfund, comparisons of QCOM and JDSU with MSFT and INTEL, respectively. Celera also mentioned:
Q: Looking at your portfolio online we see that your big moves have been in names like JDS Uniphase,
Qualcomm, PE Celera Genomics. Tell us about Uniphase. Why do you like it? Luskin: Qualcomm and
Uniphase are the Intel and Microsoft of this next phase of the New Economy. Qualcomm is the Microsoft
because it controls the operating system for wireless. I am almost embarrassed to talk about Qualcomm,
because it has become so well known in the last three or four months. But it is the Microsoft of the next
decade. More than half the people alive on this planet today have never made a phone call. When they finally
do, it will be on a wireless phone and that wireless phone will be running CDMA, or "code division multiple
access," which is the Microsoft Windows of wireless and Qualcomm's all over it. JDS Uniphase is the Intel of
the bandwidth revolution, because it makes all the ugly little things that live inside the networks of the future
and that have really driven the collapse of bandwidth. They're one of the pioneers of "dense wave division
multiplexing"; they make the pump lasers, the add-drop multiplexers that are going to lead in the next couple of
years to all-optical networks.
Nadig: Celera has been at the front of the wave that we're calling the "biocosm revolution." They're the ones
competing with the Human Genome Project, trying to beat the government at its own self-declared race. By all
accounts it seems to be doing it handily. More than just mapping it out, they've built a business model that's
really an information-distribution business model. It's not so reliant on coming up with a specific therapy that
solves a specific problem; rather, they've recognized that the information itself and how it's used and how
researchers interact with it -- that's where the value's going to be in that part of the game." |
