to the best of my knowledge, PCM (Powers' firm) lightened up on their QCOM holdings last July and then again during the fourth quarter last year. This was partly due to fiduciary responsibilities--they are prohibited from having too great a concentration in any one company, and thus had to sell some as QCOM kept rising--and then later due to concerns regarding QCOM's valuation. Remember, they are a classic value outfit, and would naturally have been somewhat concerned to hold even a great company beyond, say, a certain absurd P/E ratio, I imagine. Anyway, there was never any reason to believe that they had changed their mind about the fundamental story involved. As for Powers himself, he had to stop posting due to conflict-of-interest regulations and such-like. We should be able to check down the road to see whether, during this drop, PCM increased its holdings. If they didn't, that wouldn't say anything, but if they did, I would take it as a bullish sign...
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