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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 173.60+0.1%Dec 30 3:59 PM EST
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To: Art Bechhoefer who wrote (125784)12/1/2002 3:03:09 PM
From: Wyätt Gwyön  Read Replies (1) of 152472
 
I find many of the articles in BARRON'S useful only as a reflection of conventional thinking, but certainly not as a guide for investors.

what could possibly be more conventional than liking QCOM? a few years ago QCOM was an unloved stock and was cheap, with a minority following. those who invested in QCOM back then had a big payoff for going against the grain. but now QCOM is expensive and has a huge following among conventional investors, like the idiot tech fund managers that always underperform the market. liking QCOM at around 11 times sales is about as radical as liking MSFT or DELL or KO.

of course, the "old school" QCOM investors like to continue to chant the "us versus them" theme song of 1998. but this is kind of like Bruce Springsteen fans from the old Asbury Park days still thinking they are the only ones who know who "The Boss" is. earth to QCOM investors: the company has already made it to the "big time".

i must also take issue with your statement that Barron's has always been negative on QCOM. there was a fantastically bullish piece on QCOM in April 99 (predicting that QCOM would go to $100BILLION market cap, from its then $14BILLION market cap--a prediction that actually came true in less than a year), which was the impetus for my own investment in QCOM back then.
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