Cisco CEO John Chambers' closing keynote at Cisco Partner Summit has started. Here's a point-by-point recap, including Chambers' best guess for the timing of a significant economic recovery.

1. Silver Medals Aren't Fun: Cisco only enters markets where it's possible to be No. 1 and gain 40 percent market share.

2. All Video, All the Time: Video will be 90 percent of the Internet network load.

3. Who Lives and Dies?: Difficult to predict. IBM recovered. Wang never did.

4. Being Predictable: Chambers says Cisco will remain customer driven/partner led "in everything we do."

5. Any Device, Any Content: The network needs to connect the dots between any device and any content.

6. Not About IT Enabling Strategy: The line between IT enabling and business processes will disappear.

7. Recovery in December 2009?: That's Chambers' best bet, but Cisco's strategy will remain consistent regardles. Chambers concedes most pundits think recovery will begin in 2010.

8. Thirty Markets, One Focus: Cisco is driving into 30 adjacent markets, many of which will converge. He spoke specifically to opportunities in video, vitualized data center, smart grid (European partners identified this opportunity for Cisco), Mexico 3.0 (including aligning with Mexico's leaders who drive 70 percent of gross domestic product), Safety and Security, Consumer.

9. Flip: It was a consumer, enterprise and service provider acquisition. Not a standalone device acquisition.

10. Two Mistakes: Most mistakes involve Cisco moving too slow, or too fast with no processes behind it to sustain success.

The keynote continues. The VAR Guy will be back soon.

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