It’s still hard out there and I read on a weekly basis of some asset write down problem for a telco or manufacturer failing to sell it’s gear. MCI are suffering again and have written down more of it’s voice assets as the big telco’s are realising that VOIP is coming and it’s going to kill off the traditional consumer market. Nortel are still having problems and I read only the other day that C&W could be split up with the sale of it’s UK business. Om has a post of 17.4 billion dollars worth of asset write downs in the states…that’s a lot of investment to say pooof too!

Not that I know much about sailing, except a little bit of dinghy sailing, I think we’re in the Doldrums.

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