Fundamentals Of Telecom, Part I - If You Love Dividends, Time The Capex Cycle

DISCLAIMER: This article is not directed at, nor intended to be relied upon by any UK recipients. Any information or analysis in this article is not an offer to sell or buy any securities. Nothing in it is intended to be investment advice and it should not be relied upon to make investment decisions. Cestrian Capital Research Inc or its employees or the author of this article or related persons may have a position in any investments mentioned in this article. Any opinions or probabilities expressed in this report are those of the author as of the article date of publication and are subject to change without notice.
Background
The theme of our “Fundamentals of Telecom” series is to help our readers and subscribers understand telecom investing better, in order to make sharper investment judgment about your own actual and potential telecom portfolio. (We’ve commenced our “Fundamentals of Software” series in the same vein. You can read the first two notes in that series here - Beating The Fade - Why Product Cycle Innovation Has Kept Microsoft On Top and here - Salesforce.com: More Cash In The Cloud Than You Might Think ).
We come to this article with a long history in telecom. We’ve invested in a number of carriers and sat on the board of directors of a number of telecom companies. We believe telecom to be a very attractive industry for shareholders when run as infrastructure plays. We don’t like our telcos getting carried away with themselves, believing... Read more