Cisco has grown so large that sometimes it is difficult to see the entire picture. This week ABI Research’s Stan Schatt has been meeting with various Cisco folks at the company’s annual analyst sessions. He reports that the company is clearly aware of the economy as evidenced by its smaller invitation and its having recently cancelled an annual massive sales training effort involving 15,000 or so salespeople who undoubtedly will miss the chance to bond and drink together. The company also has frozen hiring, although individuals are still being hired if a vice president will sign off on the appointment. At the same time that Cisco is cutting some expenses, it is eyeing attractively priced targets for acquisition. The apparent stumbling block right now is the struggle between Cisco’s desire to gain new technology and revenue opportunities at bargain basement prices and its desire to preserve cash and maintain its stock price. We look for Cisco to cut back on the volume of acquisitions, but still make some significant additions in 2009. In this ABI Insight, Stan explains why.