I purchased ATT in July and am up 13%. Going to hold on unless it spikes up 20% or something and then sell on valuation.

Buying Telcos when they are down is something I’ve been doing for 10+ years.

I wonder if I am the only guy in San Diego who can talk about the challenges Telecom Italia, Orange, and Telefonica faced in the late 00s to mid 10s. Maybe not with QCOM here.

Here’s a little secret: European countries won’t ever let their main telco go bankrupt. Since they are TBTF, they leverage up, and can look very precarious in a recession. But the leverage can work out well in a boom. And even in bad times they generate a lot of cash and their losses are usually non-cash writedowns of acquisitions or infrastructure investments.