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To: Apollo who wrote (49139)	11/26/2001 4:23:47 PM
From: Cosmo Daisey	Read Replies (1) \| Respond to of 54805

Apollo, Good luck with QCOM and I understand exactly. When I first bought QCOM @ 18 I dreamed of seeing it @ 800. I was giving a talk one night about investing in biotech and on the break a fellow named Wei Che came up to me and told me about this new technology. He explained TDMA was like cars driving down the road one behind the other. CDMA widens the road exponentially with each car having it's own lane to travel unhindered by the cars in front. I started buying the next day. Sometimes it just feels right. Even if I had waited I could have made money, ah money remember that's why we are here. The people that bought @ 800 and are still holding have a tough road ahead. I will check with you in 2010 cdaisey@looooong-term.com

To: Apollo who wrote (49139)	11/28/2001 2:13:12 PM
From: Wyätt Gwyön	Read Replies (3) \| Respond to of 54805

hi Apollo, re: QCOM, My expectations aren't that high. I hope to hold until 2010, with minimal gains of 10X. let's do a little math here. QCOM's current runrate earnings are $0.84 pro-forma, which works out to a PE of 71 at a share price of $60. let's say QCOM goes to $600 in nine years (2010), while the PE declines to 25 as QCOM matures as a company. QCOM's earnings would then have to be 600/25 or $24 a share. so earnings need to increase from pro forma 84 cents to $24 in the space of ten years--an increase of 28.5 times, or around 45% CAGR in earnings per share for 9 years. let us further assume shares outstanding grow at CAGR of 3% from the current 764.4MM--in 2010 they would have 997.4MM shares, which multiplied by $24 eps equals total earnings of nearly $24 billion dollars a year. if handset sales increase from 400MM units per year at 10% CAGR up to 2010, which seems insanely optimistic to me, then handset sales in 2010 would be 943MM units. QCOM would need to collect $25.45 PER HANDSET IN PROFITS, off of nearly 1 BILLION HANDSETS, in order to achieve the above earnings target in 2010. assuming incredibly generous net margins of 25%, QCOM would need gross sales of nearly $100 Billion, or about $100 on each handset sold. so, exactly how is it that you expect the share price to reach $600?