So, your pov is that the telecom service companies (in U.S. and Japan) will, pretty much no matter what happens to the overall economy, be able to find financing, and continue current plans for spending on the 3G buildout? Is that right?
I used to believe this pov. I remember, there were a couple of companies whose sales were supposed to be "recession-proof." No matter how bad the economy got, their products made companies so much more efficient, they were crucially necessary to business plans. Their customers couldn't do without these products, so spending would get cut elsewhere, or their customers would go into debt, but these two companies would make their sales numbers. Their profit stream was extremely reliable. Management said so, over and over, and investors believed them, so the stocks held up, as the Nas went down.
And then, as it turns out, all spending is discretionary:
siliconinvestor.com
and
siliconinvestor.com |
