Barton Biggs thinks Cisco Systems finances 20% of its networking equipment (2000)

In a recent research note, Morgan Stanley's Barton Biggs said he's been hearing that Cisco [Systems] will give some of its customers nine-year notes on some of its equipment with no interest or repayment during the first three years.  Biggs says some people at the company have acknowledged to him that a good portion of this equipment will be obsolete in three years...  So how much of Cisco's business is financed this way?  Biggs says he thinks it's somewhere in the neighborhood of 20%.

~ Barron's, "The Trader" section, April 24, 2000