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To: Catcher who wrote (11420)	3/10/2001 11:58:51 PM
From: Walkingshadow	Respond to of 13572

Catcher, This is only my spin, but I'd say the truth probably lies closer to the midline of your two scenarios. One thing about the majority of investors is that they tend to be wronger and wronger in larger and larger numbers as a market inflection point is approached. So, yes: I'd have to agree there was a kind of mass hysteria effect, largely greed-driven, and definitely manipulated. Have we now overcorrected? In the short to medium term, I think that is likely. We have corrected too far too fast, IMHO, and a correction of the correction is increasingly likely now. Bandwith, storage, B2B and net infrastructure has some future, but that future must be scaled back some in terms of realistic expectations, and powerful forces (manipulative and entrenched interests) which are working against this future. It will come no doubt, but probably will take much longer and have a lesser impact than people imagined a year ago. I suppose the take-home message is that when too many people agree----watch out! Time to start thinking outside the box and increasingly contrarian, and shoring up downside risk managment and capital preservation strategies. JMVHO, as always...... WS