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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 175.25

+0.6%

Dec 19 9:30 AM EST

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To: limtex who wrote (11523)	6/16/1998 12:23:00 PM
From: bananawind	Read Replies (2) of 152472

Limtex, Thanks for the classy reply. Your absence the last few days had me worried that the tone my post had been too harsh. I am gratified to see my awkward scribbles did not have unintended consequences. You are, of course, correct about the therapeutic value of these forums. Indeed, given the emotional content of my earlier post to you, there is no way I could think otherwise! Valuation? For me not much has changed other than increased media attention and the predictable emotional response it carries. The solvency of asian institutions, while somewhat of a moving target due to dollar denominated loans, is hardly an issue that has not been discussed at length. The asians are having a recession whose length and depth are as yet unknown. Is there a chance it spreads elsewhere? Sure. Is there a chance of the Great Depression II scenario you have painted? I suppose. Whatever probabilities you would place on these scenarios, it is meaningless unless whatever investment discipline you follow gives much weight to such factors. As an owner of businesses I have learned I can neither predict nor affect these kinds of macroeconomic variables, so I don't waste alot of time or emotional capital in trying. About the best I can do is try to own good businesses which I have acquired at attractive prices, so that is what I spend the majority of my time and brainpower doing. Although I wish I were smart enough to make global predictions that would alert me as to when to buy and sell businesses, experience indicates I have very little talent in this regard. -JLF

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