even faster than traffic grew.3 The collapse of prices could have been foreseen by anyone doing a simple Five Forces analysis. Why was this analysis ignored? Because the stock market promised something better. Consultants, investors, analysts, and strategists were beguiled by the market values of the new network operators. “Yes, their products look like perfect commodities,” one told me, “but something new is happening. The market is giving them a vote of confidence.” Thus, judgment fled.
