Rambus (RMBS) - Eagle or Penguin Message Board

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Technology Stocks : Rambus (RMBS) - Eagle or Penguin

RMBS 107.10

+9.2%

Feb 6 9:30 AM EST

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To: unclewest who wrote (15185)	2/6/1999 9:58:00 AM
From: Robert Jacobs	Read Replies (5) of 93625

I am posting for the first time here after signing up for SI membership. Have owned Rambus for a year and have been steadily accumulating. I have the same feeling about RMBS that I had a about MSFT which I bought at the IPO in '86 e.g. a standard that is supported by key players in an industry that is growing exponentially. The difference here (besides RMBS being in the hardware side rather than software) is that MSFT was much further along when it went public (and had a reasonable multiple) while RMBS went public at a time when MSFT was still private. So we as investors are really acting as VC investors experiencing the uncertainties of what is just beyond a development stage company. To me, what really distinguishes and excites is that RMBS is a "virtual" company where the margins can be much higher than anyone here has posited. Like Unclewest, I am settling in for a long term ride which if even 1/10th that which I experienced with MSFT should make us all quite pleased. I would also like to share with you all that while MSFT was my biggest investing success also turned out to be my biggest failure: While I had the conviction to buy and hold at the IPO, I sold half my holdings a few years later because I could not believe a stock could perform so well over a long period. The half that I sold to build a house makes this 5,000sf pile of sticks and bricks now worth over $30m if I had chosen another investment. Shame on me. Us early stage investors who are acting as VC investors at this stage can only have a flat earth perspective...meaning we cannot see over the horizon. There are some, and we only need to read the whisps of significant weather to come in the western sky (releases by Samsung; testing equip mfgrs investment etc) that over the horizon is a storm of earnings that totally belie the calm of today. So as the earth turns and the story unfolds we early ones will find ourselves looking back on this period with the satisfaction of having predicted the success of a truly great opportunity. Holding with 5k shares....adding 1k/month to 10k.

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