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To: tekboy who wrote (27471)	7/8/2000 3:07:35 AM
From: tekboy	Respond to of 54805

Important lesson here, and it's not about branding or even QCOM: Message 14012136 tekboy/Ares@tortoisesRus.com

To: tekboy who wrote (27471)	7/8/2000 8:09:30 AM
From: mauser96	Respond to of 54805

Another great marginmike post Message 14011070 This one gets at the heart of the issue - whether QCOM will eventually receive royalties that are about the same no matter what form of CDMA winds up as the big winner. As a non EE, non insider it's impossible for me to know this directly but I can read the terms of an agreement made by insider EE types at ERICY and QCOM. Also I can reason that QCOM was so far ahead of the others that it's very likely that they own core IP for all forms of CDMA.Could they have invented CDMA without knowing about it's core properties? Could Edison have invented the light bulb without understanding heated filaments? All that being said, perception is everything in the market short term, and it would take something dramatic for these perceptions to change quickly. If I didn't have access to SI I would hear nothing but the FUD and believe it also. Thus there is a good chance the price will drift lower, especially if combined with a weak NASDAQ market. My policy will be watch and wait and eventually buy more. I'm struck by the similarities to RMBS. I owned RMBS at one time and made a good profit when I sold, but I just couldn't take the volatility. With QCOM we have even stronger evidence of IPR power. All this seems so obvious that it makes me wonder whether there's some big blind spot in my reasoning.

To: tekboy who wrote (27471)	7/10/2000 1:43:54 PM
From: StockHawk	Read Replies (4) \| Respond to of 54805

thanks to QCOM marginmike retired young tekboy, that was an excellent post by marginmike, thanks for pointing us to it. You know, his post alludes to something fundamental about the stock market that is sometimes overlooked. Simply this: It is very difficult to make money. Too many people think the stock market is like some sort of cash machine, and that all you have to do is join the crowd and you will profit. If it was easy, just about everybody would be rich, and that is not the case. Any of the studies analyzing day traders bear this out. The statistics are awful, usually showing that 85% lose money, and another 10% make far less than they would in most day jobs. Yet many of these people are quite intelligent and they watch the market all day long, and many are well versed in the issue, reading press releases, chat sessions, etc. Tick by tick, day by day sweating the details does not work. It is like intensely watching the waves break for 10 minutes to determine which way the tide is going. Walk away, come back in four hours and the trend will be clear. Unfortunately, it takes more than a few hours or a few days to see the underlying trends in technology and how they effect the companies we invest in. It takes hard work to make money. It takes research, it takes thought and it takes patience. It requires a strength of convictions, but it also requires knowing when you are wrong. That makes it very difficult. In many cases there is a similar formula that unfolds before big gains are realized: 1. You need to find a superior company. 2. You need the market to over-react to negative information, preferably information with little real dollar substance. 3. You need to accumulate that stock. 4. You need to hold that stock. Each of those steps is more difficult than the one before it. If you wanted to lose as much money as possible, that would be easy. Just buy after the enthusiasm becomes deafening and sell when the pessimism runs rampant. Doing the opposite is difficult, very very difficult.