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Gerard Hallaren, CFA  

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  • Aeropostale Has Lost Enough Money; Don't Let It Lose Yours [View article]
    Thanks
    May 26, 2015. 03:58 PM | Likes Like |Link to Comment
  • Sprint's Weak Hand Is Starting To Show [View article]
    Perhaps you know something I don't.

    My best recollection of the Dish/Sprint negotiation took place in 2013. Rumors started surfacing Feb/March 2013 the deal died on June 10 when SoftBank reduced its offer (more cash, but much less equity. Dish opened the year around $36, and was about $40 in mid June. 3 x 36 = 108 If you are making a market at that level, let me write a ticket.

    I happen to have owned Dish from February 2012 (correction, I checked my docs) until it crossed $60 for the first time. I got interested in it because of an unusual ruling from the FCC regarding TerreStar and ICO. If Sprint was in the mix then, I sure did not know it. Maybe you knew something that neither the Internet or I knew.

    BTW bad form challenging someone else's information 3 X on a page, not to mention making an inaccurate challenge.
    May 26, 2015. 03:55 PM | Likes Like |Link to Comment
  • Sprint's Weak Hand Is Starting To Show [View article]
    Perhaps you know something I don't. My best recollection of the Dish/Sprint negotiation took place in 2013. Rumors started surfacing Feb/March 2013 the deal died on June 10 when SoftBank reduced its offer (more cash, but much less equity. Dish opened the year around $36, and was about $40 in mid June. 3 x 36 = 108 I happen to have owned Dish from late 2011 until it crossed $60 for the first time.
    May 26, 2015. 03:46 PM | 1 Like Like |Link to Comment
  • Sprint's Weak Hand Is Starting To Show [View article]
    I will not argue that Dish has done better than Sprint since SoftBank locked Charlie out of the deal. Tripled, I think not. Is that lie also in your portfolio's interest?
    May 22, 2015. 05:48 PM | 1 Like Like |Link to Comment
  • Sprint's Weak Hand Is Starting To Show [View article]
    First of all, my name is Gerard. What is yours? Oh that is right, you prefer to lie anonymously. We would all like to know what parts of 3G, 4G or OTA TV are analog? or is your assertion ignorance rather than a lie?

    Net I am still up. Gross I am down about $0.48 or 9.4%.
    May 22, 2015. 05:44 PM | 1 Like Like |Link to Comment
  • Sprint's Weak Hand Is Starting To Show [View article]
    First of all, my name is Gerard. My sprint long is about even net, down a about 10% (half a point) gross. Tell me what part of 3 and 4 G networks are analog?
    May 22, 2015. 05:39 PM | 1 Like Like |Link to Comment
  • Sprint's Weak Hand Is Starting To Show [View article]
    In many areas Sprint is the worst. In a few, like Denver, it is the best. Track the Root Metrics reports and judge for yourself if Sprint's QoS is the worst (obviously I don't think it is the worst everywhere.) Similarly, Sprint has a long way to go to improve customer service.
    May 22, 2015. 01:14 PM | Likes Like |Link to Comment
  • Sprint's Weak Hand Is Starting To Show [View article]
    Dear trade2travel:

    Please do some fact checking, you continue to post inaccurate and misleading information. It is bad form to mislead others into joining your position.

    I am not sure the FCC ever auctioned 2.5 GHz. If you are addressing bidders for Clearwire, gain I will point you to Sprint's proxy document for the Clearwire merger. There you can see there were several other bidders. Most viewed it as a waste of time as Sprint pretty much guaranteed it would block any bids.

    If 2.5 spectrum is so undesirable, why is it the most commonly used LTE band in the world?

    Have a great weekend.
    May 22, 2015. 01:10 PM | 2 Likes Like |Link to Comment
  • Sprint's Weak Hand Is Starting To Show [View article]
    As best as I can tell, LTE bands are assigned by the ITU and 3GPP together.

    I am never certain about odd spectrum positions. In the past, Sprint has shown up as owning a VERY SMALL amount of AWS. They may have traded it for equity in a start up. I don't track it and believe it to be immaterial.

    In building penetration for voice is a good reason to use lower frequency spectrum in urban environments. Interference limits how small low frequency cells can be so the advantage in voice does not necessarily transfer to data.

    I am not sure unlicensed spectrum has a fungible value. BTW how do you value 28 and 39 GHz spectrum?
    May 22, 2015. 01:00 PM | Likes Like |Link to Comment
  • Aeropostale Has Lost Enough Money; Don't Let It Lose Yours [View article]
    What do you think of the new CEO and his go forward strategy?
    May 22, 2015. 07:59 AM | Likes Like |Link to Comment
  • Sprint's Weak Hand Is Starting To Show [View article]
    I agree that spectrum inequality exists but my point is not ridiculous.

    Inequality tends to have more to do with coverage than capacity. Lower frequency spectrum is at a disadvantage in high density markets. Higher frequency spectrum cannot travel as far or penetrate buildings as well as lower frequency spectrum. It does generate less interference and thus has advantages over lower frequency spectrum in higher density markets.

    The various error correction schemes are generally frequency independent. A MHz of 700 MHz spectrum carries the same amount of data as a MHz of 3.5 GHz. Of course this assumes the same multiplexing protocols (FD or TD for either.) Most of AT&T and Verizon's is inherently disadvantaged by fthe the FD license. Most of Sprint's spectrum is advantaged by TD.

    Given that Sprint does not have much AWS 3 spectrum and no AWS 4 spectrum, what is the relevance of your question? AWS-3 is lower frequency than AWS-4 and can travel further. AWS-4 uses TD so it can be more efficient. AWS-3 is a standard LTE Band. AWS-4 is not. I am curious as to how you can make a blanket statement that AWS-4 is better.

    Sprint's annual revenue is a small fraction of AT&T and Verizon's combined wireless revenue. I'd argue they have enough spectrum to increase their capacity and thus revenue significantly. It is a simpler equation than you think.
    May 22, 2015. 07:55 AM | 2 Likes Like |Link to Comment
  • Sprint's Weak Hand Is Starting To Show [View article]
    Please recall that Sprint currently own about the same amount of spectrum as AT&T and Verizon combined.
    May 21, 2015. 11:53 AM | 8 Likes Like |Link to Comment
  • Sprint's Financial Picture Continues To Worsen [View article]
    Sprint has renewed its bank line and transitioned its receivable facility at prices well below 7.25%
    May 12, 2015. 07:31 AM | Likes Like |Link to Comment
  • Sprint's Financial Picture Continues To Worsen [View article]
    Trade2Travel1: I always endeavor to have good humor.

    Next Para. Years of mismanagement yes agree. It is no longer getting worse. It is getting better. Claure seems pretty damn good to me. Sprint’s ARPU was second only to AT&T and its network WAS the worst. Sprint's service prices had to come down. They were also late to the EIP party. Agree with you: M2M and MVNO is not as desirable as tablet which in turn is not as desirable as phone. However, Tablet services is very profitable business, likely more profitable (if measured by price of data delivered) than phone.

    If Sprint continues to burn cash at Q1’s rate and does not tap any of its liquidity sources it will be out of cash by Q1/16. A) I am very confident that it will not burn so much cash going forward as it did in Q1. B) It has plenty of places from which to get money.

    Next Para: I don’t know GEOtab, please tell me more about it. I do know that SoCal is probably Sprint’s worst service region. I do know that the largest part of today’s postpaid base came from Sprint was promoting and selling the WiMAX service. If you were among the 40% or so of the country that had WiMax, you were probably a happy customer and you are getting the top priority in the crossover to LTE. For example, Sprint is the top overall and data performer in Denver.

    Next Para: Again you are dwelling in the past. Nextel was a terrible idea made worse by Sprint’s mismanagement. SoftBank is far from up to its eyeballs in debt. I advised others not to use that argument against SB. There are other sins, but too much debt is not one of them.

    If 2.5 GHz is so bad, why is it the leading LTE band in the world? 1,000’?????? Come on. If you said 1/3 less area than PCS, I might even agree with you. Data though is about capacity and not coverage. I know everyone boasts about coverage but it is pure BS. The point of 2.5 is to succeed in the highest payoff, highest density markets.
    Check your facts with the CLWR registration statement and proxy and you will find there were many bidders and considerable interest in 2.5 GHz. Sprint used its control to prevent deals and to tank CLWR rather than build it. IMHO CLWR shareholders probably would have been better off had Clearwire sought Bankruptcy proceedings rather than selling to Sprint.

    Final Para:
    There are a lot of things to say here. Hesse’s plan with three vendors was a disaster. Hesse’s rip and replace strategy was wrong. Vendor support and maintenance is a far bigger issue than integration.

    I think you should check SoftBank’s debt prices – I see subsidiary debt in the range you discuss but SoftBank’s is much lower than you suggest. Sprint’s recent facilities also have prices better than what you suggest. Yes, there are a lot of reasons for that.
    May 11, 2015. 10:53 PM | Likes Like |Link to Comment
  • Sprint's Financial Picture Continues To Worsen [View article]
    Aside from reading the word churn when the sentence said retention. Tell me your bear case on Sprint.
    May 10, 2015. 07:49 PM | Likes Like |Link to Comment
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