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He has chosen to get his exposure to the telecoms through the Canadian names, primarily because there is a lot less competition. Verizon has done a good job of growing the percentage of their revenues that come from wireless. A few years ago it was close to 60% and is now at 70%. Also, they acquired the remaining 45% from Vodafone (VOD-Q) which makes them very wireless heavy moving forward. With the increased sales of smart phones and the 4G technology, the average revenue per unit is going up because of the increased subscription to data. All of these are positive. Great dividend of about 4.5%. Stock is cheap trading at 10 or 11 times earnings. On paper it looks perfect, but the one challenge for them is that it is a very competitive space. There is constant cost-cutting to compete with one another.