<p><p>OT</p> <p>First off, say an article in which a genius analyst said that patient investors will be rewarded in this market, unless the US has a recession. Talk about CYA.</p> <p>Not sure there's a good answer to this question, but having bought a number of the optical networkers on the way down, I wonder: What would a bear market for optical networkers look like? One could answer 'just like this'  - but that ignores the undeniable secular trend that bandwidth can do nothing but grow. So, I suppose one could answer - 'they're undevalued - baby/bathwater deal' - but what I'm left wondering is this: Is there a going-forward scenario under which the current (or lower) valuations would be 'fair value'? Further capex spending cuts by their customers? Short-term/long-term buildout plans scrapped? Given that NFLX was up on subscriber growth, is that not incongruent with beating these stocks like they're oil and gas companies? Puzzling.</p> <p>Otherwise, the feeling of amazement at how fast and how far stocks have fallen has a kind of corollary - the amazement at the prices and speed at which the Fed helped the DOW rocket to nearly 20,000. Did we just get 'used' to skyrocketing stock prices/valuations without underlying substance? Or is there really a 'Bear in the woods' - BRIC slowdown, strong dollar, all the usual suspects now suddenly being paid attention to.</p> <p>Ah, the DOW is now coming back from -500+ to about -150. World economics must've changed since this morning.  INFN earlier almost 50% off its high? What?</p> <p> </p> <p> </p> <p> </p></p>