PEs

[Hinrich Kuhls]

>Just ask Morgan Stanley analyst George Kelly, who has followed Cisco 
>Systems since it went public in 1990. He has put out a blizzard of 
>research reports during the rapid rise in Cisco's stock, ratcheting 
>up his price targets for the stock in tandem with its ascent.


>His method? It's a little like sticking his finger in the air to 
>gauge which way the wind is blowing, he concedes.

Not a blizzard of research, but only a very light breeze of spring:

Twice a day I'm passing the new building where Cisco Germany will move to
in a couple of months. Cisco Germany - that's a staff of about eighty
persons. On the other hand, Frankfurt and all other major German cities are
"ciscoed" through. No Cisco routers, no communications between Dresdner
Bank in Frankfurt and Dresdner Kleinwort Benson in London. Though there was
a big leap within the last couple of years, internet infrastructure in
Germany - and with the exception of Britain, Sweden, Finland, and Norway in
Europe as a whole - is still lagging behind the US for about four years -
or even more.

Well, that's not so bad a correlation: eighty persons selling the core of
the internet connection to the corporations of the country which is proud
to be called champion of exports, and a staff of about 300 channelling the
routers to the venerable continent.

There is only one question that remains: Which company will take over Cisco
Systems -  Nokia, Ericson, or Motorola?

Hinrich Kuhls
Duesseldorf