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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

QCOM 170.90

-1.3%

Nov 7 9:30 AM EST

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To: Mark Marcellus who wrote (13363)	7/27/2001 9:28:22 AM
From: Art Bechhoefer	Read Replies (1) of 196568

>>their inventory and their investments in struggling companies are more important factors than the market value of their IPR<< Mark, that is the very opposite of what I was saying. I noted that QCOM had a book value of $6.83, and of course, that book value doesn't even begin to touch the IPR. If we imputed a value for the patents, the intrinsic book value would probably be close to $20 per share. But even with the more conservative figure shown on the balance sheet, the shares are attractive, particularly when compared with debt disasters like Lucent and with management failures such as Xerox. There are a lot of crummy comapnies around, and QUALCOMM towers over them in terms of management skill, proprietary technology, and financial soundness (no debt). As noted in the conference call yesterday, QCOM has some $2 billion in cash and short term marketable securities. At the current burn rate, QCOM should be running low on cash long after even the most pessimistic claims on the Social Security trust funds (2016). Art

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