Category Archive for "TMT"

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Quick Thoughts: Facebook Fone, iTV, and Googlerola

  –          Facebook may want a phone to avoid the squeeze by Apple and Google, but building from scratch or buying Opera would be a big mistake.  The logical partners Microsoft and HTC. –          Amazon could do a smartphone using

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Video Advertising: The Incredible Disappearing Audience

  Advertisers turn to broadcast TV to get to a big audience fast, but this selling point is quickly deteriorating.  Top programs are drawing fewer viewers every year as the audience is spread over a wider range of choices, and

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Quick Thoughts: Resisting Facebook

  –       The Facebook IPO has priced at $38, at the high end of its revised range, representing a market cap of $108.6B, assuming exercise of vested options. –       The price is about 26 times trailing revenues and 104 times

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The Internet Revolution: It’s Not Social OR Mobile, It’s Apps

We believe that the Internet economy is in the midst of a revolutionary paradigm shift from the neutral browser of the PC era to the tightly managed App model.  While the growth of social and mobile applications have spawned significant

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Quick Thoughts: The Apple Tug of War Continues – Sorting the Arguments

  –          Bulls see Apple transforming television and broadening its product line.  Bears fear iPhone subsidy cuts, the absence of Steve Jobs and the law of large numbers –          The iTelevision faces more obstacles than bulls perceive, and an entry

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Cheap Tech Redux: Sifting Through the Bargain Bin Again

A year ago, TMT stocks set a 20 year P/E low relative to the S&P500.  Since then, tech has rallied back almost halfway to its historical relative P/E.  However, the rising tide is not lifting all boats, with the dispersion

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Quick Thoughts: Verizon Blinks – What’s Behind its Spectrum Sale Offer?

–          Verizon is willing to sell extra 700MHz licenses that it holds in major metro markets, contingent on approval of its deal for spectrum held by cable MSOs in a higher band but covering most of the US. –          Verizon

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Quick Thoughts: Google – What’s More Investor Friendly than Growth and Cash Flows?

–          Google’s unusual stock split locks in voting control for founders Larry Page and Sergey Brin, and long-time CEO Eric Schmidt. –          The move is largely symbolic, as the trajectory of share issuance means that it would take decades to

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Quick Thoughts: Research in Motion – A Model for Failures Yet to Be

  Failure to anticipate the changes wrought by innovation and quickly adapt to them has been fatal for many TMT companies over the decades. Research in Motion’s intransigent strategy and subsequent fall from grace in the wake of the iPhone

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Telecom Carriers: Why Aren’t These Cyclicals Cycling?

  Telecom ought to be cyclical, but lately, it hasn’t been.  Other asset intensive, low marginal cost industries have seen capex turn upward over the past few years, driven by recovery, low interest rates and tax incentives, while capex by

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