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i believe Chambers is playing politics with Cisco. he wants to be able to bring the cash home at 5%, and he will try everything in his power to do so. i can't blame him for that.
one other thing i didn't mention is that Cisco grew 7% last year. SEVEN PERCENT! last quarter, because of the restructure, the profit was up 20%.
the forward p/e is 8, and if you exclude the cash, it is probably 6. Cisco is by far the cheapest stock in the DOW considering its growth, cash, and the future of the internet and smart phone.
i can't blame anyone for not buying at $16. it is much easier to buy at $21 than $16.