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To: Glenn D. Rudolph who wrote (136907)	1/13/2002 2:41:27 PM
From: H James Morris	Read Replies (1) \| Respond to of 164685

>>The point is they have poor management?<< My point is the Investors who jumped into the "last mile" stocks should have been able to figure out a long time ago what you just said. As I understand it the buyers of those stocks today are bargain hunting. I bought some Ciena last week at 15...which might have been a mistake. Ps There was also greed and corruption going on too. Start ups were giving potential buyers stock, if they ordered their optical products. In my day they called it a payoff, in the new economy they called it a gift.

To: Glenn D. Rudolph who wrote (136907)	1/13/2002 2:45:09 PM
From: GST	Read Replies (1) \| Respond to of 164685

"The point is they have poor management?" Real estate is a good analogy. It can cost a fortune to develop a property. Or in an asset bubble people might be wiling to pay a fortune for a property. But if the cash flow is not their to service the debt, much less make a profit, the owner of the asset is likely to sell it cheap. Real estate gluts always have the same net effect: everybody stops building. And the vacant space is like a large overhang of potential supply. That is the dark fiber problem -- the huge overhang of potential supply. So expect 1.) shortages of bandwidth 2.) Crappy prices but on a downward slope and 3) poor prospects in anything related to lighting up the dark fiber. All IMO of course.