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

To: Ruffian who wrote (12197)	7/10/1998 2:29:00 PM
From: Ramsey Su	Read Replies (2) \| Respond to of 152472

Michael, I think Wall Street understands QC pretty well. Just read Tim Luke, Alex Cena .... They all know the ins and outs of QC really well. As an example, they were really questioning Irwin and White about Korea way before the excrement encountered the fan. It is the investing public who demands the stock of the day which QC cannot fit the description. Watching the recent volume can put you to sleep. May be, as Maurice was suggesting, we should ask QC to add the word internet to everything. NetComm, OmniNet, WEBAsic, Qnet. Ramsey

To: Ruffian who wrote (12197)	7/10/1998 2:42:00 PM
From: Gregg Powers	Respond to of 152472

Michael: The bad news that I fear Wall Street will choose to "understand" Qualcomm only when positive earnings begin to become visible. The good news is that I believe such comparisons will begin with the September quarter. For better or for worse, I have been through this same drill with too many stocks, for too many years, to think that Wall Street will ever change. In some sense, it's not the analysts' fault. Many on this thread constantly feel the need to reaffirm what they already know, to hear, just one more time, why Ericsson won't steal the IPR, why the Q800 will ship on time, why the infrastructure business will turn profitable, why the chipset business will continue to prosper..so on and so forth. In the absence of visible earnings momentum, people tend to suffer from wavering convictions. And guess what, most portfolio managers are people too! There have been times, over the last two years, where I have looked in the mirror and asked myself "why am I the only person who seems to understand this story" and "maybe I have got it all wrong". So it was back to the drawing board to reexamine what I knew, or thought I knew, to fact check and recheck. After the soul searching was done, I found out that nothing had changed, that I understood the situation, but that the fundamentals would take time to play out. I'll share a botanical metaphor that I used with a good friend yesterday. Some stocks are like annuals; they grow rapidly, bloom beautifully, but are gone in a year. Some stocks are like bushes that grow to a reasonable size, are presentable in the front yard, but never get overly large or overly important. And, some stocks are like redwood trees; they can grow for decades and become objects of abject beauty. Periodically, however, even the redwood runs into a season or two with insufficient rain, where the soil conditions are not right, and where its growth stops. To the redwood, this is just a bump in the road, and insignificant lost season on the pathway to greater heights. Warren Buffett's great genius is his ability to avoid annuals, skip over the bushes and climb into a big redwood and go to sleep. There is much to be learned from his wisdom. Best regards, Gregg