Sometimes the church of what's happening now puts you in the wrong pew. We got spooked out of Qualcomm (QCOM) - Get Report on that downbeat last quarter, and we were wrong. This actually very nonpromotional company vs. its accomplishments told the straight-out story, and we panicked.

Now we have to go back in as the conclusion of this

Motorola

(MOT)

dispute spotlights still one more giant revenue stream for Qualcomm's intellectual property.

One of the things that I have had to make peace with is how wrong we can be short term in order to avoid what can be a serious loss. In the real-life hedge fund world -- as opposed to the sanitized, storybook, no-mistakes version you see every day on TV -- we bolt from things too soon quite often. Most of the time, it doesn't bite us back. With Qualcomm, it has bitten us several times.

We have a momentary pang of regret coupled with a pout after we hit up the chart and see the uptrend done without us, and then it's right back on the horse.

We're getting back on the Qualcomm horse. And we aren't looking back.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Qualcomm. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.