Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 173.96

+1.4%

3:59 PM EST

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To: Art Bechhoefer who wrote (116031)	3/27/2002 8:57:58 AM
From: Wyätt Gwyön	Read Replies (1) of 152472

good points on gold, Art. that is one of the more articulate summaries i have read of a gold skeptic (i consider myself a fence-sitter on the gold topic). as for QCOM, though, when you say "QCOM is a growth stock, with earnings growth estimated conservatively at 25 percent or more for the next several years", keep in mind that it was also estimated conservatively to grow earnings in 2000 and 2001, but did not do so. also, i have a hard time seeing how $1000 invested in QCOM will return more in free cash flow available for return as dividends (or otherwise), than TIPS with a 3.5% real return (or even a longer-maturity US govt bond with a YTM above 6%). this is mainly due to the very high (imho) price of QCOM relative to its earnings power, even taking the rosy growth scenario into consideration. all imho of course.

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