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To: Mike Buckley who wrote (6438)	9/16/1999 8:16:00 AM
From: Lem45216	Respond to of 54805

If QCOM's earnings grow reasonably consistently at 50% per year, the PE multiple will be a lot higher than 30. --Mike Buckley Mike I agree with you. The 30 PE would be the conservative or near the bottom of the range of PE's for a stock growing earnings 50% per year for 5 years. The top of the range might be higher than 100. The share price for the high PE's is scary. I think of forward earnings times a 30 PE as the downside. This helps me to keep perspective. I believe Telecom is a high growth industry. Wireless is a high growth part of wireless. CDMA is a high growth part of wireless. QCOM is the high growth part of CDMA. Larry Morrow