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

To: Mike Torrence who wrote (123255)	8/16/2002 10:37:25 AM
From: Wyätt Gwyön	Respond to of 152472

you criticizing someone else's lack of objectivity. why wouldn't i be objective? although i admit to a value bias, that is a bias supported by a mountain of historical evidence (and borne out, as it happens, during the period through which i have made bearish posts here), i don't have a position in the stock--either short or long. therefore, i do not have a monetary incentive one way or the other to sway my opinion, unlike just about every QCOM bull. that alone should prick up your ears. as i have stated before, i believe QCOM should trade at some sort of premium to the market, due to its clearly valuable intangible assets and excellent business model. the problem is, both the size of the "premium" and the fair value of the "market" are subject to adjustment on a daily basis by Mr. Market. i continue to believe that the market is overpriced, and QCOM's premium is too high. if i am right and the market becomes cheaper even as QCOM's premium contracts, well, you can do the math... and even my value bias is subject to furloughing...as, e.g., when i was 100% long QCOM calls throughout much of 1999 (after having been bearish on the market previously due to valuation concerns). however, i doubt sufficient speculative conditions will again obtain in the market (much less in my own head) during my lifetime for me to reenter the growth-stock fray with such wreckless abandon...not that it ain't fun, but i just don't think there's going to be the same type of payoff as in 99.