telecom datacom internet news in this issue a word from the firm 1 front lines security 2 portfolio 8 executive recruiting 9 investment bank analysts 10 conference calendar 11 telesoft partners third quarter 2002 o ur attitude continues to be one of cautious optimism with healthy dose reality over last two years is that economy has slowed it spending on hardware been reduced although software and service expenditures have increased carrier capital venture industry adjust large number companies funded our driven by pervasive need for technology communications drive global estimates vary magnitude spend ing fundamen tally huge complete solution requires both com puting con nectivity we expect invest ment cycle current fund four six as opposed three previ ous market conditions see negligible attractive m&a or ipo activity next couple however
