Telstra was a significant part of my SMSF holding and ( bought...

Telstra was a significant part of my SMSF holding and ( bought at $3.00) I have now sold 95% of my Telstra holding.
There is a difference between being fearful and being stupid.
I continued to hold this stock with Warren Buffet other homily in mind which was to the effect that always look at a company as though at some time in the future an idiot will be in control.
That point has been reached but we now have the additional problem of a Company that has lost control of it's traditional markets and cannot see a way forward.
It's not just a management problem It's a failure to reinvent problem
NBN and it's payments are a life preserver in a very cold ocean. There is no rescue vessel in sight.
I held Oroton briefly ( placed into liquidation today ) and heard the same arguments being put forward for that companies "turnaround "
I see a real parallel with Telstra. A successful company which lost it's cash cow and now has no idea what to do .
If I see evidence that Telstra has reinvented itself and has a new dynamic management team able to take on the new communications environment ( ie something within it's field of expertise . Not a F.........nuclear power station as has been suggested on this forum) and the new reinvented Telsta offers a good risk reward scenario ( not a dividend play. Those days are dying with copper ) then I will look at whether it is worth allocating capital to the new Telstra
Right now Telstra is looking more like Oroton than a blue chip
When Warren Buffet said be greedy etc he did not mean that you should go down with a sinking ship.
He meant buy good companies with good management and the price will take care of itself