Judge's decision is of course final, <MQ (a noted stock guru and winner of the inaugural Toaster Open on the Qualcomm board)>, but I continue to maintain a comprehensive victory including not just high and low, but also end of year [in after hours trading though I admit I missed the regular trading closing price by a few cents more than that interloper Elroy].
Last year was a Toaster disaster though, because I failed to understand the contractual relationship between Nokia and Qualcomm in their "sula". I thought it was all over April 2007 but in fact there was a weird hiatus until 31 Dec 2008; a no man's land of some ill-defined truce in which there either is, or isn't a contract.
I have no idea why such a weird arrangement was made. It seems to have achieved nothing but confusion, a huge waste of management time, legal costs, and shareholder dismay.
WAVE is still a little higher than before the announcement of the spectrum sale, but not by much.
When we were valuing spectrum in New Zealand for cyberphone service, it was difficult. I'm increasingly inclined to think it isn't worth much at all. With OFDM and cheap little ASICs wrapped inside mass-produced nano-electronics, the value of spectrum is shrinking as more and more is used.
Cell sites used to be huge, with civil engineering, town planning, costs in the $millions and engineers galore. Now, teeny little base stations can be sprinkled around like confetti, with a range of metres rather than kilometres.
The limit to my use of cyberspace is now my small brain capacity rather than the cost and speed of the connection. Guessing the balance and timing of spectrum/back-haul/brain capacity/electronics cost is tricky but essential to get investments right.
Mqurice |
