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To: Maurice Winn who wrote (22148)8/5/2002 5:09:00 PM
From: Steve Lee  Read Replies (1) | Respond to of 74559
 
"QUALCOMM's white paper didn't include marketing expenses, boondoggles..."

Not a very useful whitepaper then, and certainly not representative of the real world - unless you think that these businesses are going to be run without marketing etc.

Haven't you learned the pro forma lesson of the last few years?