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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: LLCF who wrote (8011)8/30/2001 5:46:36 PM
From: Maurice Winn  Read Replies (2) of 74559
 
Quite right DAK. I'm as anti-government as the best of them, but if it's a public resource [spectrum] then government is the owner of it. There is no reason public value should be transferred without full payment, at what the market will bear, to private hands.

Especially since the private hands WILL sell the spectrum to their subscribers at what the market will bear. There is a peculiar fantasy that because the companies are given something which is in short supply, they'll somehow sell it cheaper to their customers.

That is so economically ignorant that I would love to see somebody [like CB] try to defend the concept of 'beauty contests' and 'not charging a lot for spectrum so that subscribers can get cheaper prices'. She's too busy though. I would like nothing more than for subscribers to get cheaper prices. The principle of maximizing consumer surplus is the driving mechanism for philanthropic investing [and also any investing].

Mucho is a GSM proponent and they desperately need to be given spectrum at cheap prices in preference to having to compete with CDMA which is several times more spectrally efficient. The last thing they want is an unregulated market where subscribers make choices.

As you say, if one bidder had sat back and recognized that prices were absurd [not that I'm agreeing that they are - they probably aren't if cdma2000 was to roar across the landscape] then they could be buying all those overbidders today.

I have $1 to buy Vodafone's assets if they can't manage them.

Mqurice
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