WHAT IS WirelessLedger.com?

WHO IS WirelessLedger.com EDITOR BILL DALGLISH?

HOW DOES WirelessLedger.com GET ITS INFORMATION?
and CAN THIS INFORMATION BE TRUSTED?

WirelessLedger.com editor Bill Dalglish (64), is a certified financial planner, but not a "techie." Its no surprise, then, that Dalglish edits the material on this site specifically with newcomers to wireless and "non-techies" in mind. If Dalglish, an investor and financial planner, were a "techie" he might not have seen a need for this web site, and WirelessLedger.com. perhaps would not exist. The typical user of this site is a nonprofessional investor who is considering including wireless communications in his or her portfolio, IRA or 401k but is not tech-savvy when it comes to wireless technology. The goal is that even a novice at technology will feel right at home here and the resources on this site will help the nonprofessional investor learn enough about wireless to invest with some confidence. You will find important information here that you can understand and use.

Although Dalglish is admittedly not technologically oriented by nature, he's no slouch when it comes to investing. In 1983 he became one of the first to be awarded the newly minted designation "Certified Financial Planner" by the College for Financial Planning in Denver. "I've been gradually increasing the portion of my retirement savings in technology and especially wireless technology. I started investing in wireless telecommunications stocks ten years ago," he says. "1990-1992 was really rough for tech and telecom investing, but the last couple of years we have experienced a substantial tech and wireless recovery.

When the tech bubble burst, some investors were hurt very badly. Most have taken at least a significant hit. But wireless communications -- worldwide -- may be as important in the first part of this century as the computer revolution was in the last two decades of the 21st century. But the firms thought to be the most profitable a few years ago may not be profitable at all in the future while newer investment ideas emerge.

Who is WirelessLedger.com editor Bill Dalglish?

By most standards, Dalglish has been financially successful in life, allowing him to retire early and providing him an opportunity now to share his insights with others without the need for compensation for this effort.

Realizing that the technology of the future is in wireless, but that his formal education (two masters degrees and a Vanderbilt doctorate) are liberal arts, education and management related, Dalglish diligently studies wireless communications. In addition to other resources, since 1995 he has followed the best message board threads related to wireless stocks in order to learn more about telecommunications investments.

"I've read extensively about wireless technology and really tried to understand it, but much is still over my head. My gosh, what does a non-techie do when he or she realizes his retirement dreams may be better fulfilled with investments in the wireless revolution than in industries he knows something about?" Realizing that many of the other folks who lurked around or posted on wireless-related message boards were not any more technologically literate than he, Dalglish (a teacher to the core) jumped at a suggestion of two fellow "Raging Bull" board members for a "white paper" to explain the basics of a wireless telecommunications investment to other non-techies. "I knew the distribution of a ‘white PAPER’ would be very difficult. I thought, why not an electronic white paper? In other words, a web site." (Pictured here: Dalglish (L) attorney Osoesq. (R))

"I visited the corporate sites of wireless tech firms like Ericsson . I was amazed at how difficult it is (even for someone fortunate enough to have a good formal education) to understand what is going on in wireless tech. I think most of these corporate web sites are written for graduate level scientists, not their own shareholders! They throw around terms and concepts without a bit of thought as to whether a typical part-owner of the company (shareholder) could follow what was being said. As if putting something in plain English and using analogies ordinary people could understand would make the company look less auspicious. With that experience in mind, I have tried to share what I have learned about telecom stocks and the wireless revolution in a way that other non-techies can understand."

Being a communicator at heart, Dalglish is always on the lookout for ways to share information about investment opportunities he has discovered. "I own shares in a variety of wireless telecommunications companies. But I sure wish I had been aggressive in buying into Qualcomm in 1998!" Dalglish has been on the lookout especially for "undiscovered" small and mid-cap stocks -- those gems like Qualcomm a decade ago that are not yet fully understood or appreciated but which could appreciate greatly in value (continued below picture).

"I feel very strongly that I have discovered an exceptional investment opportunity in InterDigital Communications Corp. (IDCC). Their technology is superb. They have over 1,000 patents in exactly the areas that a wireless tech future would require. Although investment information is abundant about the well known telecommunications companies (most of them already fully valued), there is no comprehensive source, outside of the corporation itself, for information about InterDigital Communications Corp. I've prepared a comprehensive report on InterDigital, kept it updated and I am sharing it with others via this web site. In the future, as the InterDigital share price rises (its in the $20 range in late 2004), I intend to provide comprehensive reporting as well on other wireless investments with extraordinary investment potential. In the meantime, be on the lookout for "scouting reports" here on firms which could be future focus stocks."

Occasionally, a message board poster (always anonymously) will call Dalglish a "hypester" in reference to his work as editor of this site. "I guess the WirelessLedger.com site gets under some people's skin, especially if the message here is at odds with what that poster is trying to accomplish. Am I an optimist? Sure, I've been oriented toward the positive all my life. But ‘hype’ in my dictionary means ‘something deliberately misleading; a deception.’ I try very hard to be as accurate on this site as possible. In fact, I often present the ‘conservative’ side of an issue such as the wireless market in future years or what a reasonable royalty rate for a company's intellectual property rights might be. I do confess, however, to a lifelong desire to share my ideas and values with others. The 'pay off' from such sharing is a sense of personal fulfillment. This web site provides a contemporary medium for continuing to share my insights and values with folks around the world."

From time to time someone has suggests on one of the message boards that WirelessLedger.com is a front for, or receiving some form of compensation from, a company featured on this web site. "I have never received any compensation whatsoever nor had absolutely any ties with any company mentioned favorably or unfavorably here, except to own some of their shares" says Dalglish. "I've heard that because this site is so 'professional looking,' I must be somebody's agent. Being a former editor (as well as financial planner), I am a perfectionist about anything that’s presented to the public. I appreciate the compliment about how well the site looks, but it is completely independent, non-commercial and cookie-free, a rarity these days."

So how is an attractive site like this possible? $15,000 in initial private contributions have paid for the design of the basic site and unsolicited contributions from persons who appreciate this site pay for out-of-pocket expenses related to maintenance of the site and its improvements. However, no contributions are ever accepted from the firms we report on. In fact, WirelessLedger.com is scrupulous about keeping a healthy independence from wireless telecommunication firms that we might cover here.

This all sounds very altruistic, and to a reasonable extent it is. But -- and this is a very important but -- the visitor to this site should know that the editor and writers of material used here are all investors in wireless communication firms including InterDigital Communications Corp. (our current focus stock), QUALCOMM, Nokia, Infineon Technologies, Ericsson Telephone, Verizon, Texas Instruments, Intel, Cisco Systems, AT&T Wireless, Microsoft and others. When the share price of these and other wireless companies arises, our editor, researchers and writers may benefit personally. Therefore the information here should not be presumed to be completely objective.

"It is impossible, I sense, to completely avoid any conflict of interest. I hope to put information out there for the interested investor to see and let them base their evaluation of what I have to say with that in mind," says the WirelessLedger.com editor. "No one should rely on this site alone for investment information about a particular company. Visit corporate web sites, read SEC reports, annual reports and analyst reports. Don't take anything completely at face value. There are risks to every investment. Look for the risks as well as the rewards. That is not as much fun -- but a prudent investor will search for what may go wrong as well as what may go well."

Besides investing in wireless, Dr. Dalglish's other post-retirement interests have included working with a non-profit organization in the area of "life planning," helping persons ages 40 to 60 prepare for their age 60 to 100 years with life styles that promote not only financial independence but emotional, spiritual, intellectual, financial and physical health as well. An ordained minister, Dalglish has recently served congregations in two denominations. He has been a frequent volunteer to older adults living in a HUD subsidized high rise. "Being with retired folks who live on very limited fixed income but nonetheless are often very happy, reminds me every week that 'being rich' and 'being wealthy' are not always synonymous. Working with people who live very simply, but happily, is a powerful antidote to the greed and the intense 'fear of losing wealth' mentality I sometimes have seen as a financial planner." With this philosophy, Dalglish has developed a "Real Wealth" section of WirelessLedger.com. "If I’m correct that InterDigital Communications Corp. is the investment opportunity of a lifetime, early investors (in the $20 to $30 share price range) will become incredibly wealthy. But wealth is not an end in itself. This "Real Wealth" section hopefully will help investors and their families truly benefit from the exceptional new wealth many readers here will, in my opinion, likely experience."

How does WirelessLedger.com gather its information and can it be trusted?

Information comes from the usual sources, of course. When the WirelessLedger.com precurser, TelecomTechStocks.com originated in 1999, only one analyst followed InterDigital - and his area of expertise had nothing to do with wireless. For some time after that, no analysts followed InterDigital. The Company is beginning (just beginning) to be noticed by Wall Street. Four analysts now report on InterDigital. The analyst reports that are publicly available are included in the "Analysts" section of this site. At WirelessLedger.com our goal is to provide far more information about investing in the wireless industry than any analyst can provide. Other sources used here include news stories, press releases, quarterly and annual reports, SEC filings, and the best Internet message boards. (Yes, there are some really useful ones. See our "Best Posts"

However, this web site, based on a "co-op" model, may be unique. It may even serve as a model for other future "information co-op" type web sites.

The Investors Hub IDCC message board lurkers and other posters have read quality reports from the June IDCC ASM and related pre- and post-ASM meetings sponsored by WirelessLedger.com. Almost every day, visitors to IHub read very helpful news articles on the wireless industry and market, posted by industry-observer Kent Greene aka (Eneerg) (right). Lively conversations like the one above just prior to the 2003 IDCC Annual Shareholders Meeting demonstrate the kind of dialogue and information swapping that enrich the "information co-op" attitude of IDCC investors. Here, shareholders keenly question Frank Marsala (left), the First Albany analyst who follows InterDigital.

Many of us around the world have participated in some form of "cooperative" effort to offer a service to our communities. Farmer co-ops, rural electrification co-ops, community's service organizations -- even churches, mosques and synagogues -- harness volunteer efforts to offer something of value to others.

WirelessLedger.com editor Dr. Bill Dalglish says he grew up in America at a time when neighbors knew and helped each other. "Barn raisings in rural areas, moms watching each other's kids, volunteers readily available in churches and synagogues, community associations, and cooperatives. Giving time, energy, and even cash was the order of the day." (continued below pictures)

Attorney "Osoesq" aka "Hoboso" (left) and federal mediator "My3Sons" (right) share helpful information and insights on the IHub and other message boards. They are a part of the informal "WirelessLedger.com information cooperative."

"Today," Dalglish says, "thanks to the Internet, neighborhoods are now global. The Web provides a way for us to carry on the tradition of 'neighbor helping neighbor' throughout the world."

That is exactly the philosophy underlying this WirelessLedger.com web site. "Neighbors" are practicing or retired attorneys in America sharing information and analysis with accountant "neighbors" in Europe or Asia. Private or professional investors, analysts, brokers, bankers, engineers, experienced wireless industry leaders -- sharing information and reflection about investing in wireless communication. WirelessLedger.com doesn’t pay anyone for information. It is shared freely. There are no "membership lists." (continued below picture)

A light moment is shared by six of the twenty-five participants in the WirelessLedger-sponsored meetings held before and after the 2003 IDCC Annual Shareholders Meeting. The exchange of information among brokers, analysts, attorneys, and other investors who follow their holdings very carefully ensures that an informal "information cooperative" functions well. (photo: Hanson)

Many who use the Internet visit "message boards" or "chat rooms" dealing with topics of interest. Some of the most popular message boards deal with investments in particular companies in the United States and elsewhere. There is probably at least one public message board on the Internet dedicated to every publicly held U.S. corporation. The most active of these boards receive 50 to 100 posts each day and are read by hundreds (or even thousands) of visitors ("lurkers" in message board jargon). Many posts are flippant, of transitory interest, or even derogatory. The best message boards find ways to limit trash talk and off topic messages ("anybody watch the game tonight?"). These top boards feature posters who provide valuable information and perspectives, even if conflicting. People with backgrounds or interests in law, engineering, accounting, investing, marketing and other fields dig deep for information -- combine it with their own experience or training -- and articulate posts for the benefit of others interested in the same topic.

"I'm most familiar with message boards intended to provide information helpful to investors in particular companies," says WirelessLedger.com editor Bill Dalglish. "I've found some extraordinarily useful information about the area I am most involved with -- wireless communications -- and that information (along with many other sources) has allowed to me to make some profitable investing decisions over the past 10 years. Perhaps the primary reason the vast majority of message boards fall short of their potential as sources of valuable information is the lack of leadership on the boards capable of enforcing a board's rules and keeping it focused. There are two major problems in using message boards for investment information: judging the credibility of individual posters and sorting through tens of thousands of posts to find ones with the most valuable information or insight."

"Even though some of the sources WirelessLedger.com uses for information are public message board contributors, which may send up a red flag," says Dalglish, "I believe my particular sources are extraordinarily reliable. I have come to know all my sources, either through personal contact, the telephone, e-mails or ‘other.’ I’ve spent all of my professional life (35 years) developing skills at judging individuals’ character. Like most folks, I am suspicious of message board information and therefore I work hard to verify its authenticity. Of course, there are risks to every investment. Look for the risks as well as the rewards. That is not as much fun -- but a prudent investor will search for what may go wrong as well as what may go well."

Reader feedback is always welcome here, whether it be positive or negative. Be sure to read our important disclaimer.

Special thanks to Minneapolis "procolor" businessman (Rainy Lake fishing guide, InterDigital investor, and IHub lurker) Howard Hanson (right) for photos in this section.