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Technology Stocks : 360Networks - TSX - TSIX
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To: blaireo1 who wrote (316)6/16/2001 5:25:36 AM
From: Marty Lee  Read Replies (1) of 449
 
For What Hope Remains,

Times are tough, but what 360 Networks is doing is what growth companies do all the time. They don't pay dividends or pay down their debt. They keep adding more debt and issuing more shares. But their relative indebtedness, the overall value of the assets that are ultimately the "collateral" for the debt, shrinks — assuming the key assumption underlying their entire enterprise in the first place is correct.

The wealth will grow faster in their hands than in the hands of their investors. That's why the investors give them the money. The investors don't want their money back, they want the companies to keep building wealth. (And thus, Shareholder Value) It's only when investors begin to lose faith in the long-run growth of a company that they demand the kind of short-term payout represented by dividends or paying down debt.

360 Networks is not just another company promoting a technology ahead of its time, which when the first bear market arrives goes belly up for lack of funding. Rather, our backers have gone from being gutsy to gutless. From visionaries to clueless chicken shits.

The same thing is now happening to Global Crossing. Their insider trading is telling. Their own leader, Gary Winnick - a former colleague of Michael Milken - just sold ten million shares of GX stock. He belongs with his fiber optic network - on the bottom of the ocean.

There's been no insider selling at TSIX.

Where are all our friends?
Marty
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