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To: Tom M who wrote (84865)	3/23/2001 4:37:57 PM
From: marginmike	Respond to of 436258

Tom your thought process is flawed because Qcom'S BOOK VALUE DOES NOT TAKE INTO ACCOUNT THE VALUE OF ITS PATENT PORTFOLIO. I am not saying Qcom is cheap its not but you cant judge its worth on BOOK or price to sales. In many ways its similear to MSFT 10 years ago in that regard. They maintain 47% margins which are very sustainable and own a Manopoly in the CDMA cellphone space. If they grow 20-30% the stock is worth 1PEG if not a litlle more. My opinion is At 35-45 Qcom is a GREAT long term stock to OWN. They have a Cash machine in CDMA like MSFT did with Window's. They also control 87% of 2g CDMA chips and 100% of 2.5-3G chips. they will be first to market with CDMA/GSM chip. They also have the leading Software solution for Mobile phones as well. If I were the shorting type id rather Hammer NOKIA which to me is like a Boxmaker who inevitably will get Margins squeezed, and lose share to ASIANS.