JEFFREY K. LIPTON is an Analyst for JPMorgan H&Q, focusing on
communication technologies. Prior to joining the firm, he was a
Management Consultant at A.T. Kearney, where he worked with the High
Technology/Electronics Practice on strategic and operational
engagements. Prior to this, he was a Member of Technical Staff at
Bellcore, where he wrote NEBS standards and testing procedures, and
qualified network equipment. Mr. Lipton received a BS and an MS from
Lehigh University and an MBA from UCLA's Anderson Graduate School of
Management. He is a registered Professional Engineer and a member of
TWST: Jeff, may we begin with the sectors that you focus on most
closely, and the part they play in the technology universe?
Mr. Lipton: I focus on two main areas within communications '