One of the cornerstones of what I believe will be the future is wave after wave of applications,

I believe we are in at least a two-quarter slowdown.

Within the Nasdaq as an example, I do believe that out of the top 100 companies ... half of them will not be around five years from now,

While we remain cautious about the implications of a brief pause in the current 10-year expansion of the U.S. economy, we believe that Cisco has never been better positioned to help our customers solve their two most important business issues: Increasing productivity and creating new sources of revenue.

You are looking at an economy that most CEOs are going to believe will be a good economy for 2006. Most CEOs are saying they are going to spend both on hiring of people and on technology.

We also now believe that this slowdown in capital spending could extend beyond two quarters,

We see no indications in the marketplace that the radical Internet business transformation in practices like customer service, supply-chain management, employee training, empowerment, and e-commerce that is taking place around the world today is slowing -- in fact, we believe it is accelerating globally,

For the first time in a very long time, I believe the external factors are slowly starting to be more positive, ... This is still a minority view, held by a minority of our customers, but we've seen early indications that the recovery could be gaining momentum.