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

To: Maurice Winn who wrote (12025)	7/3/1998 8:05:00 PM
From: Maurice Winn	Read Replies (1) \| Respond to of 152472

Re the great NZ crash of 1987 [same time but much much worse than all the other simultaneous crashes round the world], I'd just add that I, of course, was not significantly affected, being a boring kind of investor who declined to get involved with the hot shot companies. I owned shares in a boring company which made things. All about me and contemptuous of me, were all the clever gearers, reverse-debt, borrowers and financial management types who puffed and puffed up the bubble in a debt and property speculative orgy of wishful thinking and takeover mania that ended with bankruptcies galore and a chastened population. But I retired years ago, while they are back at work, some having adopted a rural religious lifestyle, some being in jail, some making a comeback of a very faded nature. So I've been there, done that, to coin a cliche. Qualcomm will drop in the event of a major prang. Maybe 30%. But watch what happens to the other stuff. But unlike the purist government of 1987 here, where no amount of printing could have done anything because things happened instantly, the Fed is printing flat out now. So is Japan. So solid shares beats US$-VW and I doubt that the big crash of 60% will happen. Just the good old +/- 20%. No worries, Mqurice PS: Incidentally, it's 4th July here already. Have a nice day! To coin another phrase.

To: Maurice Winn who wrote (12025)	7/4/1998 2:28:00 AM
From: Clarksterh	Read Replies (1) \| Respond to of 152472

Maurice - I wrote recently that speculators should be treated as heroes, not with the denigration they usually get as though they are some sort of leeches. Mahathir being one of the haters of Soros and co. That is because their business is about the most dangerous reducing volatility and profiting from it. Could you explain your rationale for that statement? To my knowledge most speculators (i.e. short time horizon investors) increase volatility. There are lots of examples of this, but the most recent is the complaints of many companies about the Nasdaq. When companies move from the Nasdaq to other exchanges their volatility decreases because there are many fewer small day traders. This is not to say that I disapprove of day traders - it is day traders who provide most of the liquidity in the market. But the market does not benefit from too many of them. All JMO. Clark