You're right, dot-coms aren't dead. As I write this, I hear the steely shrill of a concrete buzz saw opening up a trench to lay fiber-optic cables that will carry broadband Internet traffic.
Some money managers see opportunity at a more fundamental level - in the buildout.
Right now, the Street could care less. Good news doesn't matter anymore, but it should. Jim Savage , an analyst at Thomas Weisel Partners, has been banging the table for the sector. And yet the results from the entire sector have been quite strong. This has happened three or four times in the last five years and every time has represented a classic buying opportunity.