Qualcomm Inc (QCOM)

[dwdkc]

Nice valuation exercise. This has just blown my mind the last few months while I watched a large trade incredibly go down against a roaring baby bull market.

Not only is the valuation now cheap--but here is a company that I don't recall has disappointed, or really had anything go other than as they predicted, for several years--but it hasn't seemed to matter to the market. I can accept a good chunk of the stock price losses since 2000 as the valuation was high--but we've seemingly been playing by different (more stringent) rules than much less trustworthy companies with much dicier strategic prospects.

Just goes to show what we think and know don't really count in the short run--and the short run can be a few years. It's been an expensive lesson for me.