AT&T

T-N

He would buy Bank of America. The stock is still very cheap, price to book value. It has a decent growth rate. This is the one to be buying in this kind of climate.

VZ-N or T-N? VZ-N is a high-quality operator, especially in wireless. Their ROC is 5 times higher than the peer group. You can expect them to continue and are well positioned for 5G, which is beginning to roll out in the US already. This can take market share away from some of the cable companies. He still prefers AT&T (yield 5.4%) as they have more upside once they clear away their current operations inefficiencies. Yield 4.0%

He has not looked at this US regional telco for a while (CTL-N). The issue for them is they do not have wireless infrastructure. This is a hindrance. Hopefully they will figure it out. A better play is T-N.

He would stay away from AT&T. He is not into the telco theme. There is a better way to get yield. He would like to see wireless competition stabilize -- it is a cut throat business. For yield, he likes real estate or utilities instead. He would hold XLRE -US as the ETF to hold for a yield of 3.1%.

Buy Verizon? At this point in the cycle, interests rates are getting quite low, generally getting a telco is an interesting idea and been recommending this for clients. Recently got out of Verizon and substituted into AT&T. Nothing wrong with Verizon, 5G, fiber-to-the-home, etc. everything is going to work, just thinks there is a better yield opportunity with AT&T. Also owns Deutsche Telekom to play the T-Mobile Sprint merger.