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To: Uncle Frank who wrote (39263)	2/14/2001 3:36:58 PM
From: hueyone	Respond to of 54805

re: The most productive action I can take is to help the thread remain focused on identifying companies with sustainable competitive advantages. And many thanks for doing an outstanding job handling this extremely, important and challenging objective!! Best, Huey

To: Uncle Frank who wrote (39263)	2/14/2001 3:47:18 PM
From: Mike Buckley	Respond to of 54805

Frank, The problem I continue to have is identifying "reasonable entry points". I have never felt an investment in qcom was unreasonable, even when it was at 175. And despite Merlin's keen interest and skill at valuation, I believe he has admitted to the same sentiment. A couple of points. You're not having a problem identifying reasonable entry points. Your problem -- as is everyone's!!! -- is identifying great entry points in context of prices during the entire year before and after a purchase is made. It's everyone's problem because no one can reliably do it. As for "admitting" the same sentiment, my previous post hopefully clarifies that I stand by the statement that Qualcomm purchased in the early part of 2000 has a terrific chance at being a market-beating investment in the following ten years. --Mike Buckley