Mike: As you know, we go back many years and you have my respect for helping me see some of my mistakes in tone, if not content, on the old AOL "Boards".
But what I did learn there was that "valuation" was a reason for inaction when action was needed for investment in those companies which were strong in fundamentals, [viz. Cisco] and that the sin qua non for investing is looking ahead not back.
So, just to throw the cat among the pigeons, valuation is an excuse to miss the real opportunities that stare us in the face - may I mention Qualcomm - round two. The first was voice, this is data. (Or to be more explicit, video and music and... plus BREW the enabler for applications from gaming to ...., and then wireless devices such as PDA, laptops, desktops, and on and on and.....)
IMO of course, and to be taken with buckets of salt - particularly by those who have been so articulate recently re numbers uber alles. (I remain convinced that what matters is extremely difficult to quantify, and what can be quantified has limited usefulness in predicting real world success.)
And since we focus on gorillas here, note that Qualcomm has all that is necessary now for mobile data wireless - others do not.
Best as always.
Cha2 |
