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

To: Ramsey Su who wrote (12366)	7/14/1998 10:45:00 PM
From: Drew Williams	Read Replies (1) \| Respond to of 152472

Would you say that this interest in bottom fishing in Japan is an indication that these people believe the yen is not going into freefall? Does this have any other implications?

To: Ramsey Su who wrote (12366)	7/14/1998 11:55:00 PM
From: Gregg Powers	Read Replies (1) \| Respond to of 152472

Ramsey: I can't be a hypocrite since we profited handsomely from RTC paper. I would argue that, (hopefully) like the QC situation, we were paid for our foresight and willingness to undertake risk at a point in time where the ultimate outcome seemed less than certain. All of which makes one question how wealth is truly created in the investment process. I am a natural contrarian and always try to look at every situation from "outside the box" of conventional perspective. I believe quite strongly that asymmetries in perception and reality create enormous opportunities for those with sharp insight. It is a somewhat blind trust in this observation that gives me cause for optimism in the current environment. What do I mean? Well, just about everyday now investors can pick up a newspaper and read about another Asian calamity or the desperate condition of Japan's______ fill in the blank...banks, leadership, economy etc. It seems unreasonable that the financial markets have not already have discounted such an obvious crisis into security prices. Remember the Persian Gulf War? Remember how stock prices collapsed as the world trembled at the thought of Saddam disrupting the global economy by cutting off its oil supply? Remember how stocks soared on the first day of Desert Storm as the Iraqis were shown to be impotent? The market's reaction was completely accurate and breathtakingly swift. So how can the same market being "missing" the obvious Asian crisis? I will admit to periodic bouts of gloom as I witness stupid speculation (i.e. anything to do with the Internet stocks) and historically uncharted valuations. On the other hand, have we failed to pay appropriate attention to the Korean won's steady recovery? Or Malayasia's relative stability? Or Taiwan's relative prosperity? Maybe, as the trite saying goes, things do look the darkest right before the dawn. For what it's worth, my newfound positive attitude is due to my experience today at Semicon West (a semiconductor capital equipment trade show). Many executives are talking like the end of the world is upon us and their pessimism reminds me of thrift executives thinking circa 1989. Best regards, Gregg P.S. I enjoyed the joke!