Covad is a major provider of DSL backbone. The stock is trading below its current book value (Jan 19, 2001). In my opinion, Covad is positioned for significant growth and initial profitability in the next 18 to 36 months. In my opinion, the COVD price is depressed due to management issuses, general performance of the sector and lack of short term profitability. The company will most likley not show a profit until 2002 or later, based on current information.