Robert Cyran raised a legitimate question about Cisco’s (CSCO) growth trajectory and corporate strategy in a recent New York Times article (see Cisco’s Run of Spending). According to Mr. Cyran:

Cisco, the computer networking giant, has spent the last decade acquiring rivals and buying back stock. It’s time to acknowledge that this strategy isn’t working. Investors who bought Cisco’s shares a decade ago have received no return on their investment.