Where Did All The Buyers Go?, page-79

Fair enough, different investors will have different ways of dealing with losses and gains. That's what makes the market.

I know you're already hurting from missing out, so won't lambast you any further, that would be rude and painful.

I am in the telco sector too, and I have heavy allocations in Vocus and TPG but not Telstra. I think Telstra's days are over. The only reason they're holding on so tightly is 1. lots of freebies from the government (NBN payout, monopoly of rural infrastructure which they charge a toll for almost like a road toll, and monopoly of a lot of other infrastructure), and 2. older generation customers only know Telstra and Telstra only. The younger generation that grew up with a mobile phone and fast internet when they were in high school, these are the guys who are not so pro-Telstra but actually shop around and are not as brand loyal.

I think Telstra are at medium risk of dropping further as they're pretty desperate now, entering the higher risk areas in search of growth. They are no longer a low risk company that they were in the last decade, things are a-changing.

Companies like Kogan that are light on their feet, operate lean, automate everything, have absolutely brilliant management leading the company, have management that own 75% of the company, and are continuously on the search for growth. These are the companies that are the future.