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To: Caxton Rhodes who wrote (6715)	12/26/1997 3:50:00 PM
From: limtex	Respond to of 152472

Caxton - 1. The slowdown in buildout is (a) relative and (b) time limited - because the demand for mobile telephony world wide is growing every day. In addition there are clear societal reasons for an increasing demand for these phones. For example ff you travel around a bit as I have been privilaged to have done you can see in a rapidly increasing number of cities the impossibility of transport due to ever wosening traffic jams. I have seen these in cities in China, Russia, Central America and of course W and E Europe and the US. This is a situation that just didn't exist years ago and the mobile phone is becoming ever more important to cope with the delays. I remember being amused a few years ago in one Asian city I saw businessmen using Minivans with several mobile phones and a fax line to actually hold meetings while stuck in traffic going from one part of the city to another. Now one thing is certain and that is that the Worlds automotive manufacturers are not going to let up one inch and neither are the oil companies. Almost no politician on this planet can stand up to that lot so you can put money in the bank betting that traffic congestion in all cities of the developed and lesser developed countries is going to get progressively worse with no end in sight. Therefore a lot more people are going to need mobile phones. I know some people will find my views over the top but I am only commenting on my personal experience. 2. Korea is going to not only survive this downturn but it will get stronger and more quickly than many people in the West think. Japan is a much bigger problem but there are some very encouraging signs this morning e.g. Merrill Lynch and some of the banks starting to look very seriuosly at getting into Japan in a big way. That is very very good news. The Japanses are just learning the most important strategy in business - play to your strength and source your weakness.