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Technology Stocks : GX Investors Thread -- Ignore unavailable to you. Want to Upgrade?

To: MSI who wrote (520)	2/2/2002 6:24:07 PM
From: stephen wall	Read Replies (1) \| Respond to of 586

Hi MSI, I have subscribed to the Gilder newsletter and became disconcerted about a year ago when I received in the mail a flyer for the very same newsletter. It was a typical tout claiming discovery of QCOM and what you could have made if..if..if. Thats fine, but from then on I was no longer able to decouple the "vision" from stock recommendation, which is what his newsletter is. I cant imagine he would ever have had very many subscribers if he only pitched the "vision" without fleshing that out with recommendations. Pure and simple, his "vision", at least in my mind is too easy. That doesnt mean lambdas of muxed light or wasting bandwidth is not where things will eventually trend, but there is an issue of timing and costs which he never addresses and without which he becomes merely a pitchman. Fleshed out you would have to look at network carrier overcapitalization thru debt, cost of capital after deregulation, depreciation schedules and amortization in media res. Not to mention what value added services could be implemented to justify budget/network costs and eventual ROI over a spectrum of years and above the sustained interest carrying costs. The problem Gilder has is that he has to inject his "vision" into an industry segment that is not a growth industry, i.e. over and above its debt servicing costs. Thats why, I think, that he and others are writing letters to the President about underwriting a national broadband policy for the country. Without subsidization, his "vision" is a bag of bones and is akin to my running to the top of a hill at midnight in Arizona and pointing to the starry sky and saying: "Behind those stars is where God lives". Quite a nice vision but doesnt quite tell me where to send my suitcase. regards, Stephen