Concerns from a long time Q investor.
I've generally felt comfortable with a large Q position, due in part to hearing all sides of the story from the excellent contributors on this thread. While the company's progress hasn't closely followed the "script" envisioned following the Ericcson agreement, each disappointment seemed individually manageable, or even positive in the long run. My list includes the lack of 3G agreement with Nokia, delays and doubts in China, failure of Globalstar, apparent dormancy of CDMA 2000 3X and worldwide acceptance of WCDMA (particularly in CDMA stronghold Korea) , T switch to GSM/WCDMA, loss of spectrum battle in Brazil, slow WLL progress, delay of Spinco, disappointing CDMA growth in Japan, slow progress of Wireless Knowledge, etc. Taken as a whole, it pains me to opine that Tero has been more accurate than the rest of us, and I don't think that IJ expected most of these developments (or lack of) either. (As Eric L. pointed out in recalling the "five points" that the Q had labeled as essential).
Granted that Q management still seems to make the right moves, and that there are NUMEROUS outstanding possibilities DOWNSTREAM, have we (I) fallen too much in love with this stock? Is it really worth it's still rich valuation? What happens if Q lowers guidance for remainder of 2001?
Hanging in there (barely)
Chuck |
