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Thanks for the reply...UTX is one of my favorite companies, I just wish I had known about it before September. If you haven't seen it, Bill Mann wrote an article in the October issue of TMF Select on UTX -- that was my first exposure. It was trading at about $54 at the time, but I neglected it because I didn't really find it "exciting" at the time...I've learned a lot since then. I picked up a chunk of shares a little over a month ago, and now it's my third largest holding (behind AXP and JNJ).

As for your short term holdings...exactly what characteristics made them such? Is it the telecom industry's current situation that forced WCOM into being short term rather than long? And Duke?

...when I first invested in WCOM I felt that the company had numerous competitive advantages that would enable it to thrive over the long-haul (the largest advantages being its impressive role of corporate customers and the largest internet backbone in the world).

Do you feel differently about WCOM now? In my opinion, as more of the other telecoms fall over, the one's left standing will be in the position that they wanted to be in when they piled on debt. My two favorites are CWP, with a load of cash and a pristine balance sheet, and LVLT, with I feel has a good competitive advantage. Now I know everyone's worried about LVLT's debt (I'm in that camp), but aside from that, I find their positioning intriguing. I had the opportunity to visit their Santa Clara campus a little over a month ago...I was impressed, as all of the guys who worked there were certainly excited about the company's prospects, even though they watched their stock go from $150 to $3 a share (they're all shareowners)...but anyway...thanks again for the reply.

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