happypunter,"...the lack of telcos/Internet related like TLS,...

happypunter,

"...the lack of telcos/Internet related like TLS, MTU, IIN, AAM. I'm not sure if that is deliberate by you to avoid that sector or perhaps you don't consider some of these investment grade."

I actually did own TLS from the heart of the GFC (sub-$2.80 levels, when the stock was yielding almost 10% fully franked and the herd of telco analysts were calling for the sky to fall on the PSTN business).

I sold it in 2012 for an average price of around $3.80/share, believing it to be fully valued, at a P/E of 13.5x, and at the time the European debt wobbles were throwing up what I thought were more attractive opportunities, so TLs became a funding source. Looking back, I think I failed to appreciate just how acute the quest for yield was to become.

I have to admit that I have intentionally shied away from investing in telecommunications historically. Reason being is that I believe one should always steer clear of things you don’t understand, and I don’t have the sort of background and experience that allows me to keep abreast of the rapid rate of technological change that is clearly a permanent feature of the telco landscape.

I’m always afraid that some tectonic shift in technology is going to come out of left field and torpedo my business while I plod along, blissfully naive and unaware!

Cam