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To: Maurice Winn who wrote (12123)	7/8/1998 3:33:00 AM
From: jpbrody	Respond to of 152472

I'm not sure if anyone posted this info (I missed a bunch of messages over the July 4th weekend). There's a Lehman Brothers report by Tim Luke from June 29, 1998. He maintains his buy rating and has a price target of $75. lehman.com The news to me is that (a) they hired a new advertising agency and (b) they are developing a Personal Organizer/Phone. Here's an excerpt. New Smart Phone Expected For 2Q99 We believe Qualcomm's product line is likely to be significantly enhanced by the launch of the new smart phone next generation handset which is likely to be introduced at the CTIA wireless industry trade show in late September 1999. The phone will incorporate many of the personal organizer features gained from QCOM's licensing agreement with 3Com for Palm-Pilot like functionality. We believe this mobile handset/personal organizer is likely to begin shipping in 2Q99.

To: Maurice Winn who wrote (12123)	7/8/1998 8:26:00 AM
From: Jon Koplik	Read Replies (1) \| Respond to of 152472

Maurice - regarding "Doesn't it [getting involved with YHOO and AMZN] tempt you, being a trader of old?" ... "Do you think they really are that good, or am I up a gum tree?" [I am assuming you mean "traders."] Having worked as a trader on Wall Street (options arbitrage), I feel I have the experience to have ZERO urge to get involved in a situation like the current Internet stock hysteria. I think most people do not understand that : this "awe" in response to the often noted "trading" ability of Wall Streeters is simply a lack of understanding of the nature of the profitability of many typical Wall Street job functions. It is usually simply the exploitation of performing a dealer (or market maker) function (earning the spread between the bid and ask) in an environment with a rapid order flow that has a roughly equal number of "buys" and "sells." Where are the people "oohing and aahing" over businessmen who successfully deal in paper pulp or anchovy meal? The good traders (I think) are the ones who resist the temptation to start acting like (what most people envision) "traders." (Buying 'em when they are "cheap," selling 'em when they are "over-priced.") The traders who endure are thrilled to end each trading day "flat" (no open longs or shorts). These amateurs out there who really are "trading" the way I clearly think is silly will come to a bad end, typically. Jon.