craig, o.k.,o.k., you got me. First because I subscribe to the Decline and Fall theory (of civilizations and stocks). Second, because from time to time I fall for the David story myself which is why I own more QCOM than is probably advisable. I try to tell myself that the QCOM David is prudent because their patents on IS95 CDMA are worth maybe 2/3 of their present market cap and existing businesses with in place cash flow (Eudora, Omnitracks, etc.) easily justify the other 1/3) so the Q in the 40's is cheap. And like CIEN it's been absolutely obliterated by Korean exposure and what you called 'bumpiness' (like that phrase!) in earnings.
So you're not scared of the big bad LU wolf at CIEN's door, even with Gilder's excommunication from his Ascending Technologies list and that nasty little IPR law suit from Pirelli still hanging around? If you're still enthusiastic, I'll take another look. Hell, QCOM is only being sued by Motorola, Ericsson, and Phillips last I checked. And in addition to those three, only has Northern Telecom and Nokia for competition (and that's before the 2nd tier). So maybe CIEN will lower my portfolio's beta? Regards, Mike Doyle |
