CDMA, Qualcomm, [Hong Kong, Korea, LA] THE MARKET TEST! Message Board

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Technology Stocks : CDMA, Qualcomm, [Hong Kong, Korea, LA] THE MARKET TEST!

QCOM 171.54

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3:59 PM EST

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To: Jim Lurgio who wrote (347)	8/2/1996 6:21:00 PM
From: Maurice Winn	of 1819

Jim, Now that's the sort of post I love to see! Yes, how come Qualcomm can't give license and royalty payments in general terms to protect negotiating positions? They have in the past reported license fees but never royalties that I have seen. It is an area that I'm having to guess more than I like. Yes, I knew there were lots of institutional shareholders. I think you mentioned that some time ago and what happens when they sell. What happened when they sold recently at $32 was that Ramsey and I bought! I love institutional shareholders selling me cheap shares. The share price is irrelevant to me. It won't affect dividends, which is all I want. If I ever sell, I'll want the price up of course!!! Yes, I knew Alan Salmasi went to NextWave. He seems simply admirable and I don't mind my money following him. They got about 55% of the C auctioned frequency giving about 100 million population coverage. Paid nearly $5bn. Cheap at the price. Only $50 per person. Payable over years. IPO due out about now. How come I can't find offer price? Not really amazing they outbid old companies. History is littered with deadwood old companies. Look at Compaq vs IBM vs Apple. Existing cellular service will be obsolete on price and quality. That is how CDMA will get in. Provided it works. As you point out, it is operating in not very many places yet and it isn't just a matter of plugging in a base station by the look of it. There are 4 operating commercial systems with others running, but not actually commercial. AirTouch LA is in those 4 and that is questionable as the system isn't available to everyone yet. Others being Hong Kong, Seoul, Trenton NJ. GSM seems a typical European effort. Very good, but mired in bureaucracy, politics, protection and simply not such a good technology. The fact is it has such extensive market presence and backing that it is just going to go on growing for some time yet. CDMA won't get its markets zinging until people can just take a look and see a few crash-hot systems humming along somewhere. That is why Qualcomm has to give all urgency to R&D and forget about profits. But I'm patient. Thanks, Maurice PS: I didn't think the B CDMA info you gave a reference to made a specially good case for B CDMA being superior to CDMA. The economics of frequency and the laws that restrict allocation to certain bandwidth seem compatible with CDMA to me. I suppose wider is better, but wide enough is enough. I better think about it some more. What about the concentrated maths over on Bill Frezza's line backing CDMA by a mile? That was too much for me to follow.

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