Judging by the performance of Nortel shares in the past four days, it looks like many investors have decided to let bygones be bygones. In particular, Nortel looks like it is being rewarded for the fact its second-quarter results contained no bad news. In the meantime, Nortel has talked about completing its partnership with LG Telecom while analysts are intrigued by Nortel's discussion about its plans to enter the WiMax market. As Canada's flagship high-tech company whose shares part of most Canadians' retirement plans, Nortel enjoys a unique relationship with investors. This makes it easy for many people to ignore accounting scandals and the departures of key executives such as COO Gary Daichendt. Then again, Nortel appears to have righted itself and there were enough positives in the second-quarter such as the improvement in enterprise sales to suggest there is some traction. The key for Nortel watchers is not to get too excited about short-term (i.e. one quarter) success given the volatility and competitive nature of the telecom equipment market.