Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 176.18

+2.0%

10:15 AM EST

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To: Ramsey Su who wrote (20453)	12/27/1998 10:16:00 PM
From: Jon Koplik	of 152472

Off Topic (and, you'll probably never guess where this is going ...) Someone gave me an article from the 9/28/98 issue of "The New Republic" titled "Market Bull" (pages 17-18). The article has in it yet another commentary on Amazon.com. Listen to this : Amazon.com, the online bookseller, has yet to turn a profit; its total sales for the most recent quarter were only $116 million. However, on a recent day (September 1), 11 million shares of Amazon stock, worth some $880 million, were traded. At those rates, Amazon would have to sell books for 474 years just so its sales could equal one year's trading volume. As you might imagine, I read this and thought "what the !@# is this guy's problem ?" Since when does trading volume of a stock (particularly one where a large portion of the volume may be related to the hedging of options marketmakers' facilitation of massive spec. trades in Amazon options by retail investors) have anything* to do with revenues of the company ? Anyway, here is the "zinger" -- I could not wait to read who the author of this article was. It turns out that he (Roger Lowenstein) is described as : the author of Buffett : The Making of an American Capitalist. What does this say about the level of thought behind (at least one of) the many books about Warren Buffett ? Jon.

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