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Strategies & Market Trends : Gorilla and King Portfolio Candidates -- Ignore unavailable to you. Want to Upgrade?

To: Mike Buckley who wrote (14619)	1/9/2000 8:53:00 PM
From: Grantcw	Read Replies (2) \| Respond to of 54805

Mike, Thanks for your thoughts. Valuation is immensely important. The issue is that the market has an historical tendency to undervalue Gorillas, especially young Gorillas which is what Qualcomm is. I believe QCOM is young as far as time lapsed since it was declared a gorilla, but I'm not sure if any of the other Gorillas were called 'young' after they reached $100 billion in market capitalization. For me, the biggest issue about comparing Qualcomm to the other three is understanding the size of their respective markets. I have no idea how large Qualcomm's market might be ten years from now, though I suspect it has the reasonable possibility of dwarfing the markets of the other three. Until I have a better handle on that, I'm not planning on changing my fundamental thinking about the stock's price. And don't forget the possibility of tornados forming in new markets for Qualcomm, such as HDR and digital cinema. It's my belief that the potential of those markets is not included in the current price of the stock. This is the wildcard that makes it hard to understand whether QCOM will ever be undervalued. No one can predict how large the markets QCOM already has its hands in will be, not to mention any markets QCOM will start to enter 2-3 years down the road. Hopefully, things will become more clear a couple of years down the road, but I don't think that will happen! See ya, cw