Cisco Systems Chief Executive John Chambers believes the economic recovery is already under way, Barron's reported on Sunday in its Tech Trader column.

Citing the technology chief's comments during last week's quarterly earnings conference call, Barron's noted Chambers tried to balance caution with his natural optimism, but was clearly bullish by the end of the call.

Chambers signaled the onset of the current recession during a conference call two years ago, warning investors that he saw signs that demand for enterprise technology was slowing.

(Reporting by Joseph A. Giannone; Editing Bernard Orr)

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