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

To: Eric L who wrote (119363)	5/27/2002 10:43:17 PM
From: kech	Respond to of 152472

Eric - If Art sees a technology transition of great power and anticipates Korean and KDDI like success in N.A. this summer, while you consider more or less the same growth rate of last year and prefer to ignore the effects of 1X, does that constitute a "pump"? It seems to be a difference in opinion but a "pump"? Forecasting the future should consider "track records" as you say, but it should also consider rational expectations of the future. Tom

To: Eric L who wrote (119363)	5/28/2002 6:51:16 PM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 152472

Eric, regarding the function of an analyst, I think job number one is to apply the principles of good journalism. That is, one is entitled to express opinions, but they should have a factual basis, which should be stated. It's not constructive to say that such and such stock is a great buy unless you can provide the reasons behind the conclusion. A knowledge of fundamentals may or may not be useful, just as a conclusion based on technical analysis may or may not be justified. I do fundamental analysis. I based my evaluation of QCOM on (1) the May 22 presentation and (2) some relevant comments in the most recent issue of BARRON'S. All the conclusions are mine, but I try to show the basis for reaching those conclusions, including why I may differ from other analysts. As I say, it's a matter of practicing good journalism. Art