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

To: chojiro who wrote (120147)	6/11/2002 10:17:49 AM
From: Andrew N. Cothran	Read Replies (2) \| Respond to of 152472

Chojiro: "With all due respect" As an investor, you seem to proceed from the belief that stocks move up and down based on reason and rationality. You tend to look at what you consider the overriding facts of a given situation and invest accordingly. I am of the opinion that stocks move up and down based not on reason and rationality but on hopes leading at times to euphoria and fears leading at times to panic. In between are a whole host of gradations, also based on hopes for the future or fears of what might come to pass. Several years ago, (we all remember) QCOM was priced on the basis of euphoria. Now, along with almost all of the telecoms, QCOM'S price is based on fear. This fear has little to do with the fundamentals of QCOM. Rather it is the other side of euphoria. Panic is now behind us but fear remains, based on a general market phobia and not on the basis of any of the sterling fundamentals undergirding QCOM and providing substance for our 'hoping' for higher prices which reflect the company's true earning capacities. When panic is really in the streets, GOLD will soar and the market will go to hell in a handbasket, QCOM along with it. But GOLD is telling us that panic is not just around the corner. Rather, GOLD seems to be saying that beyond today's clouds is a silver lining. The market responds accordingly. As long as you continue to invest on the premise that fundamentals will prevail, you will be disadvantaged by those who have learned how to play the hopes and fears phenomenon. Cheers to you, anyway, on your focused strategy.