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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 176.12-1.8%3:59 PM EST
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To: Gregg Powers who wrote (9314)3/21/1998 8:53:00 PM
From: bdog  Read Replies (1) of 152472
 
Gregg:

One of the not much discussed factors which has most affected all of us "buy and hold" longs is strictly psychological, i.e., perception. Namely, the street's perception of the mighty Q and its potential. If I understand you correctly, the market is valuing QCOM around about half what is appropriate given current growth, revenue, earnings generation, etc. While I'm doing better than Surfer Mike's $46 and change total gain, not by that much given that I'm so heavily concentrated and have been for almost two years. Sycophancy aside (sorry SM), your intelligence on the fundamentals has helped me "keep the faith" as of late but I'm wondering if you have any thoughts about the market's "inefficiency" respecting the Q. You must have considered this if only in relation to issues of timing. Like the rest of us, your fund could have done better (in the wisdom of hindsight) if you had been magically able to factor in the street's perception and the consequent protracted undervaluation of QCOM. So why do you think the street isn't catching on? Is it the complexity of the technology and the amount of disinformation re. same? Is it so implausible that such a small company can take on and challenge the big guys? Is it just a case of waiting to see who wins? Do you think the Q's mgmt is doing all it should to counter all the bullshit? Do they care about the stock price? What do you think it will take for this stock to break out? Anyway, you get my drift. What do the rest of you think????
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