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Pastimes : Home on the range where the buffalo roam -- Ignore unavailable to you. Want to Upgrade?

To: DaYooper who wrote (11914)	3/27/2001 3:54:15 PM
From: Raymond Duray	Read Replies (1) \| Respond to of 13572

Hi Rory, When you refer to Chamber's credibility do you just mean his ability to accurately forecast the economic future? Or are you making an observation that might reflect on him more personally? My comment was meant to convey my basic sense that a prudent investor will necessarily view the comments of any CEO to be of a "cheerleading" nature and not to be taken literally. There are very few CEOs who are forthcoming about the actual prospects of a company and I must admit to an admiration of both Warren Buffett and Bill Gates for their generally sober assessments of the future prospects of their enterprises. Mr. Chambers, OTOH, I feel is more prone to "shading" and emotionalizing. Last fall, his stalwart projections of prosperity were met with a skeptical ear in this office, because I knew of the fact that the financing spigot had been turned off to the service provider sector. This having become common knowledge through the information freely available in the Economist, the Financial Times, the purple prose of James Cramer at RealMoney.com and other business publications. Chambers was engaged in a last ditch and ultimately unsuccessful public relations spin cycle. Having failed at that, he now races to the opposite rail of his listing ship and cries hysterically for relief from the FRB. What nonsense. The FRB must resond to the general economic condition and its impact on prime dealer profits and really doesn't care a hoot about the inconvenience to Chambers due to the rationalization of the over-capitalization of the telecom sector, which Chambers greedily hopes to continue for the sake of pleasing the Street and continuing on as an aristocrat of the New Economy. Can't say that I blame him for prefering that image to one that says that as telecom capex comes back into some semblance of rational alignment with telecom profitability, that CSCO will become a lesser object of desire for the stock market speculator. Regards, Ray