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Technology Stocks : Winstar Comm. (WCII)
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To: silicon warrior who wrote (12209)11/1/2000 2:08:48 PM
From: Bernard Levy  Read Replies (2) of 12468
 
Hi silicon:

While I am not too surprised by the goings on at
TGNT ICGX and other desperate CLECs, I am completely
baffled by the massacre of T and WCOM. Call me an idiot,
but I still think that the cable approach followed by T
would have worked, and that bundling will be important
(I don't think T truly gave it a try since it was
still reselling local phone service). I am completely
disgusted by the financial engineering strategies of T
and WCOM which will make a bad problem worse. All
these tracking leftovers will be scooped up by RBOCs
or foreign telcos with a longer term horizon than next
Q. It looks like the time horizon for funds managers
has shortened to 3 months. Rather pathetic. I also think
the Justice Dept grossly misapplied antitrust law when
it blocked the WCOM-FON merger. With the RBOCs poised
to jump in long distance (on has to wonder why), there
is no lack of competitors in long distance services.
Time to send Janet Reno back to Florida (maybe we should
even try to trade her for Elian).

All this being said, the irrational pessimism about
all telcos has created a really good buying opportunity
(too bad I was way too early by getting in when XTC
was around 1250). On the other hand I would avoid
telecom equipt. It is obvious Capex is going to get
squeezed, so that telecom services companies have
now the upper hand on the equipment sellers.

Best regards,

Bernard Levy
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