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To: Chris O'Connor who wrote (353)	2/22/2001 5:51:09 PM
From: bob zagorin	Respond to of 3294

SUNW announced a 1.5m buyback tonight. btw, pat, hope you don't mind but i sent the cnbc producer a note with your research on segawa and told them to hold these guys accountable. they certainly remind the tech bulls of their previous calls.

To: Chris O'Connor who wrote (353)	2/22/2001 8:34:02 PM
From: pat mudge	Respond to of 3294

More acquisitions of these smaller companies that have come down from their high valuations will be a good sign to me that things have bottomed. The one thing that has kept me skeptical in these market rallies has been the lack of stock buybacks and acquisitions. When these begin to happen, that will be a sure sign a bottom has come. We need the big companies to step forward and pay cash for companies. Siemens cash deal for Efficient is the first. If we see a few more, I might start nibbling again. I believe Siemens is in the early stages of becoming a global leader. I know I'm biased, but I've watched them position themselves over the past few years --- without the benefit of stock (not on NYSE till later this spring) --- and I know they're dead serious about taking market share in those areas they've targetted. Besides seeing acquisitions like today's Efficient Networks announcement, I think we need to see a couple stellar IPOs. I'm encouraged to hear the talking heads on CNBC saying the old leaders may not be the new leaders. They were referring to LU, NT, CSCO, and so on. In some cases, I think they're right. Though I don't think NT should be lumped in with the old leaders. They have too much traction in the optical networking sector for that. As for nibbling, I think we'll have lots of chances to get the stocks we want. Every move forward has a retracement. Eventually the lows will get higher. That's what I'm waiting for. Pat