re: do you own CSCO:
A while ago here, I posted my buying plan for CSCO. I started buying at 17, and every 1/2-point on down. Decided to buy straight stock, not LEAPs. I now have quite a bit, and I'll unload my higher-cost shares in increments from 18 to 23 (or lower if the next rally stalls befor 23). And then wait for lower lows. I expect a lot of backing and filling, before any sustained upmove. Valuation will put a cap on the stock price, and (gradually) improving fundamentals will create a floor.
I listened to the last 2 CSCO CCs, and was very encouraged by them. IMO, CSCO will be the LastManStanding. They have cash, and cash flow from their Enterprise customers. The process of telecom service companies exhausting every stop-gap measure, and then dying, is going to go on and on, we are nowhere near the end of it. Capex of service companies will (100% certainty) be lower in 2002 than 2001. And may well be lower again in 2003.
IMO, LU inherited it's corporate culture from AT&T, and is incapable of surviving in an unregulated competitive market, the kind that CSCO grew up in.
There is no Gorilla in telecom-equip, and governments (US and European) probably won't allow it. But, IMO, CSCO will steadily take market share.
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