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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 163.32+2.3%Nov 21 9:30 AM EST

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To: Spytrdr who wrote (114098)2/22/2002 9:55:40 PM
From: Stock Farmer  Read Replies (1) of 152472
 
right on. Good observation.

In other words, you are saying that it takes an infinite holding period to earn a zero percent return when all of the possible upside is factored in at purchase.

Therefore, if we expect decent returns within a life span, then we should invest at prices that do not require us to assume everything goes according to plan.

And if we expect above average returns within a span of decades, then we should invest at prices that rest on assumptions that survive the scrutiny of skeptics.

Finally, that natural optimism drives returns down and holding periods up. And that the bubble was merely a period of unbridled optimism.

I buy that.

And suggest that we bring on the skeptics. So that we can enjoy some decent returns for a change ;o)

John
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