The Players,
Oscar A. Castro, a principal of Montgomery Asset Management,
who runs the Montgomery Global Communications fund.
Marc J. Gabelli, a managing director of Gabelli Funds, who
co-manages the Gabelli Global Telecommunications fund.
Jack B. Grubman, a managing director of Salomon Smith Barney,
who heads the firm's global telecom team.
The Joke>
Q: CDMA is Qualcomm's technology. It just won a big battle with
Sweden's Ericsson to make CDMA the global standard in wireless. Is
Qualcomm a buy?
Castro: Not for me, but I've always been wrong on that stock. I like what
they've done with CDMA, but now a new race has started to create a
third-generation technology, wideband CDMA. Both Nokia and Ericsson
have the right to explore this space, and Qualcomm could lose some of its
pioneering status. The big question is, what will Qualcomm, which now is like
a bank, do with all the money it received from selling its infrastructure business
to Ericsson? I don't have an answer.
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