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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: John Carragher who wrote (117654)	4/30/2002 9:06:14 AM
From: Art Bechhoefer	Read Replies (2) \| Respond to of 152472

It may be too much to ask that analysts look at the DIFFERENCES between Worldcom and QUALCOMM. Worldcom loaded itself with debt, and on top of that gave special financial favors to its CEO--all highly questionable policies triggering an SEC investigation. QUALCOMM has consistently kept what little debt it had to manageable proportions and now has no debt whatsoever. As to options, its policies were very consistent with normal option policies in the industry and were not excessive. Nor did any top QUALCOMM officials get special treatment. In fact, if you look at the compensation and bonus for the top officials, it is really very modest in comparison with what was being taken out by the heads of Worldcom, Global Crossing, Enron, etc. One of these days it will dawn on a few analysts and portfolio managers that quality of management, as evidenced by conservative bookkeeping and a high level of technical and managerial skills, is far more important than quarterly improvements in earnings. In fact, if you look at one other measurement--change in book value per share--you can see why most companies in the telecommunications field are inferior to QUALCOMM. Art Bechhoefer