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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 172.29-2.2%Dec 17 3:59 PM EST
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To: rkral who wrote (119537)5/31/2002 6:55:25 AM
From: John Biddle  Read Replies (3) of 152472
 
after all it was the governments who hyped the spectrum and the greed of the network operators who drove up the price so the solution needs to be addressed by both parties

So, now you think Seybold can do no wrong. Am I supposed to bow down to the god of wireless?

He's good, I'll give you that, but I am unmoved by this statement, which I believe is wrong.

How did European governments hype the spectrum? Did they lie about what they would deliver? Or when they would deliver it? Did they know some secret about the spectrum that proved it to be of low value and keep that info to themselves? No, they did none of these things. Or anything else that would make them even a smidgen guilty of dirty dealing.

The Euros sold spectrum that they, and nearly all of the carriers, thought was extremely valuable based on what they thought they knew. The fact that the carriers were spending a lot of money relative to their net worth's and relative to their cash flows was not a secret. The Euro governments were selling a public good and had an obligation to get a good price for it.

I believe that the spectrum appears to be grossly overvalued only because of what the carriers have done with it. Nothing. They bet that the W-CDMA product would work, and work in a timely fashion. They were wrong. They will continue to be wrong for at least another year or two. I'm not sympathetic. It couldn't happen to a nicer bunch of fellows.
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