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I havent seen anything specific but this sounds like a version of the Bill Parrish vs MSFT and the high tech stock world thing. Also rehashed about one month ago in "The Economist" and other European media. The basic premise is that high tech stocks are all losing money because they use options to pay employees as part of their compensation, as well as for acquisitions etc. The hypothesis is that if cashed all at once the companies would lose money covering and fail and the market would crash and someone would call all your ex girl/boy friends and tell them your new address, etc etc.. It has been largely, if not entirely, debunked by most folks knowledgeable in this area - including an article a while back in the RM port (sorry no link but it should be in the archives on a topic about "options overhang").

Anyway, if there is serious information on this topic I would be happy to know, as well as a source with hard numbers. Til then I too am considering QCOM, though the ROIC is holding me back a bit (about 50% for annual98 and 4*prev qtr than for Nokia), anyone got good reasons/data for that???


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