Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 165.07

-1.0%

Nov 18 3:59 PM EST

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To: Peter J Hudson who wrote (119009)	5/20/2002 12:07:41 PM
From: Stock Farmer	Read Replies (1) of 152472

Very well spotted. I didn't want to get into the whole mess about "market price not equal to fair price", and thus I am guilty of simplification. And so I have described the whole affair as though the market is fair in its pricing. Which of course we know it isn't on the instant. So yes, I am guilty of using "market price" as a proxy for fair value. Where the term "fair" in my lexicon means "slice of expected asset value", as opposed to "fair" from the daytrader's perspective as being reasonably between the bid and the ask. If you would like to go back and adjust the discussion and insert "fair value" (or whatever term you like) for every place I have used "market price" and thus be technically correct, feel free. The discussion would be closer to the mark. And then drive accountants nuts! Anyway, does this mean however that you buy into the concept? That if a company issues shares and receives less than 'fair value' that the other shareholders bear the difference as a cost of dilution? That a shareholder should account for this pending cost in determination of what he or she should be willing to pay for a fair share? John

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