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To: Voltaire who wrote (2414)	2/3/2000 8:13:00 PM
From: candide-	Read Replies (2) \| Respond to of 35685

Hi V, I'll buy bonds at 7%....per month! After eating all day, would anyone like a cigar and after dinner drink? The pattern seems to be that we get a rocket on good news. If it wer'nt for huge profit taking in Jan, who knows where we would be. JW keeps speculating on something next week. Can't wait. C-

To: Voltaire who wrote (2414)	2/3/2000 8:20:00 PM
From: r.edwards	Read Replies (1) \| Respond to of 35685

V and all, did you guys see this from the other thread: RETHINKING THE QUALCOMM VALUATION By Kenneth A. Toudouze, CFA After listening to the Nokia (NOK) conference, we came away with several pieces of valuable information. One of these was the confidence of the CEO that Nokia will become No. 1 in CDMA handset manufacturing. The acknowledgment that Nokia wants to dominate CDMA handsets, coupled with Ericsson's (ERICY) resolve to gain 3% of additional market share (12-15%), bodes well for Qualcomm (QCOM). This also is a positive for Ericsson, because, as The StreetAdvisor mentioned February 1, it benefits from the infrastructure sales, each time CDMA is deployed. The decision by Unicom in China to license Qualcomm's CDMA technology will be a momentous one. The bigger picture question is how big that market is for Qualcomm. Unicom has indicated it intends to deploy a network with capacity of more than 10 million subscribers by year-end. This plan is probably optimistic, given the delayed agreement, but it could certainly happen by 2001. Assuming 10 million CDMA handsets are sold at $200 per unit in 2001, this is a $2 billion a year market opportunity, and Qualcomm will reap $40 million (2%) in royalty fees per year from China alone ($0.01 of earnings per share per quarter). Assuming Qualcomm can sell a few ASICs (chips) to handset manufacturers, it can profit from this as well. Qualcomm is scheduling an investor meeting on February 17th, which should also add spark to the stock. At the meeting, we would look for more information regarding the high data rate (HDR) initiatives and Internet access through wireless devices. In addition, we will look for more data regarding the Kyocera (KYO) deal and news that it is moving along faster than originally anticipated. Although we cannot get excited about the current valuation of Qualcomm, we admit there are excellent catalysts in front of the stock to make it go higher.

To: Voltaire who wrote (2414)	2/3/2000 9:46:00 PM
From: Jim Willie CB	Read Replies (3) \| Respond to of 35685

I get a wicked charge out of bond discussions on tv sure, bonds will divert investor funds away from stocks what a scream? I believe it is safe to conclude that we have undergone a schism whereby bonds and stocks have divided the majority of the investor community in three groups 1. bond holders who quiver excitedly at the thought of 7% (they lost 12% last year on the 30yr TBond) (some savvy fast movers just made 15-20% on longbonds as the yield dropped from 6.7% to 6.05% --- smooth move) 2. non-tech stock holders who shudder at the idea of volatility (Lynch likes to tell people that the average stock will have a high/low range equal to 50% of that high, so if you cannot handle that, then DONT INVEST IN STOCKS) 3. tech stock holders who either live or die (some decline 75%, some drop 60% before eventually rising 100%, some rise 2400% SOUNDS LIKE QCOM, YEAH BABY) I find bondholders to be an ill breed... call me judgmental, but they are stuck with old truisms that dont apply often... I have never seen a brief era where interest rates are so irrelevant... the "break" occurred in October when Volt warned of a massive headfake prior to Y2K Rally... I called it a monstrous rally upcoming... since then bonds are almost irrelevant, truly unprecedented and amazing I dont believe bonds CAN compete with stocks... well maybe with dusty dow stocks and old industrials or consumers or drugs... for the next 2-3 years I expect bonds to serve as no more than a "minor headwind" for tech stocks... if you are driving a Ferrari at 150mph, then neither a 15mph headwind nor a 22mph headwind will stop you... may offer some mild turbulence, but no more in the last year, I am pleased to witness systematic erosion on a shallow but consistent level of old bond myths... just wait until unemployment gets UNDER 4.0%... the anticipated unemploymt rate tomorrow is exactly 4.0% ... we have been supposed to have inflation roaring ever since unemploymt went under 5.0% ... NOT enough rambling by the way, Tom Galvin of DLJ expects NazComp to hit 7000 by yearend, and Dusty Dow to reach not so dusty level of 16,000 I honestly have a first cousin named Tom Galvin, no relation one tough sumbitch former sailor in Navy dont eat grits, dont drink booze but feel real welcome here havent seen a rat in days /Jim