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To: D.J.Smyth who wrote (169680)	5/20/2002 2:08:00 PM
From: D.J.Smyth	Respond to of 176387

Here is a list of Capex cuts in Telecom from 2001 to expected 2002 (six largest in the U.S.): Verizon Wireless 2001: $5 billion 2002: $4.5 billion Cingular 2001: $3.4 billion 2002: $5 billion AT&T 2001: $5 billion 2002: $5.3 billion Sprint 2001: $3.5 billion 2002: $3.4 billion Nextel 2001: $2.5 billion 2002: $2 billion Voicestream 2001: $1.8 billion 2002: $2 billion Total net increase/decrease 2001: 21.20 billion 2002: $22.20 Overall increase of 5%* Bear Stearns, et.al., comments on Capex Spending, in Telecom, as being a culprit in dragging down the rest of the technology is unjustified given these numbers. They make a point of saying that Telecom represents the "largest" percentage spender on new technology; yet the expected Capex figures for 2002 do not bare out their pessimism even when considering the entire Telecom sector as a whole. *source SoundView Technology Group ]

To: D.J.Smyth who wrote (169680)	5/20/2002 2:14:47 PM
From: GVTucker	Read Replies (1) \| Respond to of 176387

D.J., RE: A. Newman: ": The faster the market gets rational, the better off we are. Hope is a dangerous way to invest, and we need to get past it." B. Meeks: "...but I also would short some big names, like Amazon.com, which I will short until the cows come home, Telecom is already depressed, and these firms continue to advocate shorting the "big names"... GV, now do you really think these individuals are being fully honest in their comments? Yes, I do. Particularly in reference to your quote A above, what dishonest motive would you assign to Mr. Newman? I personally can't think of one. Once again, I'll reiterate this: Wall Street wants the market to go up. Wall Street makes more money when the market goes up. If a firm on Wall Street was capable of manipulating the overall market (news alert: they can't) then they would manipulate the market upwards. It's much easier to entice a bunch of people to buy into overvalued markets than it is to entice people to buy into undervalued markets.