Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 173.70

+1.6%

9:41 AM EST

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To: waverider who wrote (121938)	7/22/2002 6:26:00 PM
From: Art Bechhoefer	Read Replies (1) of 152472

wr--Yes, we're all trying to make money on stocks or other securities. When I look at a company as a possible investment, I'm more interested in long term growth in book value per share than in earnings improvements from year to year. If you look at QUALCOMM as a company with the largest patent portfolio in the wireless group, and if you look at the low debt on the balance sheet, and the high quality of people who work there, what you see over the last ten years is substantial growth in book value per share, and that's about the best measurement of wealth that I can compile from available data. I also look for companies whose book value isn't too out of line with their stock price, and here again QUALCOMM is a star performer. Note that by including the patents and those who are responsible for creating the intellectual property, I am looking at not only book value but intrinsic value. We are in the stock market to make money. But my time horizon is probably different from yours. I'd like to do well over the next five or ten years. I don't feel too badly if I don't do well over a year or two. Art

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