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Technology Stocks : George Gilder - Forbes ASAP
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To: George Gilder who wrote (1967)10/30/2000 10:23:08 AM
From: CMon   of 5853
 
So a year-and-change down the road, it's perhaps not too early to call it Game Over at GSTRF and review:

Your comment that the valuation at the time of the referenced post "represented less than twice invested capital" rested upon the assumption that the capital was well invested in the first place. Invested capital is relevant only in the context of the expected return on that capital. That requires a financial model. We never saw yours.

Your comments in other forums about the superiority of GSTRF's CDMA system vs. Iridium's TDMA system were always irrelevant: the lower system capacity at Iridium had nothing to do with the failure there. System capacity wasn't a problem they were lucky enough to have faced. The greater capacity, lower system costs and resulting lower breakeven at GSTRF will be as irrelevant.

The market these systems addressed was insufficient to support them. The world they were designed for changed between system design a decade ago and rollout. They weren't capitalized for delays. These additional considerations are the analysis required to make the leap from "good technology" to "good stock". Financial analysis that you don't condescend to consider.

Like your other stock picks, you have fallen for the rookie error of assuming that a good technology is a good company is a good stock.

Salt in the wound? I suppose. But I think your persistent table pounding in this particular name, in the face of the long obvious clear financial warnings signs at GSTRF, calls for some.
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