Gorilla and King Portfolio Candidates Message Board

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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: DaYooper who wrote (54579)	11/3/2003 7:01:16 AM
From: Stock Farmer	of 54805

Hi Rory, Thanks. I actually do agree with this: "Growth of technology companies can be surprising and growth of technology companies with a sustainable competitive advantage can be astonishing.", and completely disagree with this: "The furthest the "stock market" looks ahead is maybe the next fiscal year." There is no way, for example, that Qualcomm will earn real distributable profits of $3/share next fiscal year and every year thereafter. No way, nada. Not on. But the current price is pegged as though it is a foregone conclusion and absent risk. With no room for reward if it does. Of course... I might be wrong. Actually, I hope that INTC, CSCO and QCOM do well over the long run. That would bode well for the entire industry and help my alternative positions. I suspect however that what we are seeing now is not expectation of significant improvement in long-term business results but an unstoppable torrent of excess capital that has no place to go but into equities. And is seeking safety in name brands. At least, that's the fundamental premise beneath my current stance. Take care. When you have time, worthwhile continuing the discussion.

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