AMT, CCI, SBAC

TMT


Presented by: Christopher Lord, Founder and Managing Partner of Criterion Capital Management at The Excellence in Investing: San Francisco conference

Highlights

Mr. Lord likes to look for and invest in longer-term opportunities that capitalize on companies or industries that are out of favor. He believes the tower companies fall into this category given their recent relative under-performance. Mobile data usage has exploded since the iPhone was introduced in 2007, and higher bandwidth requirements will be needed to support future growth. Lord explained that exabytes/ month could go from .9 (2012) to 11.2 in the US by 2015 (video will be a large driver of this). Given the obvious secular need for greater bandwidth, he believes the tower companies are poised to outperform. At the end of his presentation, Lord offered a few quick short ideas, including: 3D printing companies (a fad, in his opinion); Cree (due to margin pressure as Asian manufacturing comes online); CSCO, VMW, and EMC (on a material shift in how CIOs are looking to manage data); and recent SAAS IPOs trading at 20x-30x+ revenues.

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Idea Discussion

Commentor 1 - 2 weeks ago

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