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Gerard Hallaren, CFA  

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  • BlackBerry: I Hope Analysts Are Wrong [View article]
    Good article, thanks.
    Jun 3, 2015. 12:47 PM | Likes Like |Link to Comment
  • Further Proof That Sprint Needs Spectrum [View article]
    t2t1: Hesse a consummate thief always wanted to do everything everywhere. Claure appears to be taking a more focused approach. Feel free to deceive yourself calling Claure's approach a scale back relative to Hesse's. Translating that to "scaling back" Spark is wrong. As best as I can tell densification and capacity are the strategy. I think it is the right one for a resource inhibited company.
    Jun 3, 2015. 12:45 PM | 1 Like Like |Link to Comment
  • Further Proof That Sprint Needs Spectrum [View article]
    Spark seems to be working great in Greenville (a surprise) and Denver (not a surprise). Did you post the links on your AOL page? Please send again. Yes, in 2010 or 2011 (I think) Sprint and Dish did a small fixed wireless experiment but no bids or even rumors in the Denver community.

    You have rightfully complained about service in SoCal. It has been problematic for Sprint for many years. However, SoCal is not the whole country. Check the root metrics scores.
    Jun 3, 2015. 12:35 PM | 1 Like Like |Link to Comment
  • Further Proof That Sprint Needs Spectrum [View article]
    Charter #9792
    Jun 2, 2015. 02:13 PM | Likes Like |Link to Comment
  • Further Proof That Sprint Needs Spectrum [View article]
    Ah, Trade2Travel1 so you are a tower banker not a network guy. That explains your conflicted old-school thinking.

    For example when you confused retention and churn it was past experience speaking. In a relatively saturated market (by customer count) retention is a far more important than churn. Growth comes from increased individual use rather than from adding more customers.

    With respect to spectrum, your description of the relative coverage ranges is similarly out of date. Newer error correction embodied in communication protocols enable greater coverage distances. I am not arguing that low frequency signals travel further than high frequency ones.

    It is important to remember that 1 MHz of spectrum carries the same amount of data independent of band. 700 MHz can carry no more or less data than an equal quantity of 1.9 GHz. This, of course, assumes both frequencies are using the same protocols. e.g. both must be using LTE, CDMA, HSPA or whatever protocol you may choose. Yes, there is a difference as to how far each can carry the signal. Even so, I think your numbers are exaggerated.

    Now what is more interesting is how these licenses are divided. Most spectrum licenses are divided into two equal pieces, one for the up link, one for down. This is called frequency division (FD). Sprint's 2.5 GHz is licensed for Time Division (TD) which allocates up and down transmissions dynamically.

    In the old world of voice traffic, TD and FD are of about equal value. This of course ignores the reality that lower frequencies travel further than higher frequencies. Voice traffic is reasonably symmetric. There is no need to consider the difference. That it is easier to manage FD bands than TD bands is one reason FD why preferred. It is different for data. TD is vastly more efficient as it can dynamically allocate way more bandwidth to the downlink which accounts for 70% or more of total traffic.

    In theory, this should make Sprint's 2.5 GHz TD spectrum more valuable than lower frequency FD spectrum. Someday it might. As you say, things are only worth what people will pay. In today's market the carriers seem to prefer FD to TD. Thus, my spectrum value estimates reflects an FD discount.

    As a result of rapid increases in data demand, capacity is becoming more important than coverage. In high density situations, lower frequencies suffer as they tend to generate more interference than higher frequencies (basic physics.) Higher frequencies can operate much smaller cells and in much higher cell densities than lower frequencies.

    Now, if you were a carrier which market would you rather target large data consumers in high density urban environs or rural customers who do not rely as heavily on mobile broadband?
    Jun 2, 2015. 12:37 PM | 3 Likes Like |Link to Comment
  • Further Proof That Sprint Needs Spectrum [View article]
    As you know, our approach is to estimate a value for assets in an orderly liquidation. I, for a change, agree with Trade2Travel1, no one will pay $80B for Sprint's spectrum in today's market. I've been using $20B or about twice what Sprint paid. If there was an auction for all of it, I am guessing the value to be somewhere around $40B or a little less than $1.00 per MHz/POP.

    I think's Dish's coordinated multiple bidder strategy drove prices up in the most recent auction. Prior transactions in the band suggested somewhere around $1.00 per MHz/POP. The auction generated more than $2.00 per MHz/POP. With 42B MHz/POPs of 2.5 GHz spectrum one can see how Bloomberg and Forbes made their leaps.

    In heavily leveraged companies, like Sprint, I believe it is more important to consider enterprise value than market value or market cap. Sprint's sins of the past have created a huge opportunity to steal this stock in the current market (Trade2Travel1 will not agree with this statement)
    Jun 2, 2015. 11:41 AM | 1 Like Like |Link to Comment
  • BlackBerry: I Hope Analysts Are Wrong [View article]
    great article on skepticism. Thanks
    Jun 2, 2015. 11:14 AM | Likes Like |Link to Comment
  • BlackBerry: I Hope Analysts Are Wrong [View article]
    Denis III

    Don't get me wrong. The Note is a nice phone.

    You may want to know that you can drive a full size screen with the screen mirroring feature. It works great. I did not mention the difference in battery life because the Note has the Ultra Power Saving mode. I've owned north of 30 smartphones during the last 10 years. The Note is by far the best android I've tried. I am not complaining about it.

    I did not like the original BlackBerry. I tried the Q10 as part of my research on BlackBerry. Much to my surprise, I found the Q10 to be a great phone. It did a good job powering a "third" screen too and did not demand as much from the TV as the Note does. I only rarely had to even think about the batteries on the BlackBerry.

    I don't remember which version of the OS the Q10 had when I bought it. Shortly after, I did an upgrade to 10.2 which was a vastly better experience. I've seen 10.3 and played with it but have not yet used it daily. I think of BlackBerry as an android phone with a better set of apps, security, and battery life.

    Why I bought the note? First of all I had gotten to know about as much as I wanted about the Q10. I did not want to side load 10.3 as Verizon had not released it. Like you I chose the Note because of the features, performance, and screen size. The overriding reason was to get Sprint's unlimited data plan and Spark network performance.

    At my primary home in Denver Sprint rules. I did not expect that at my other home outside of Greenville. However, Sprint service rocks there too. Sprint does not sell a BlackBerry phone other than a Q10. The Q10 does not support Spark. The Note does.
    May 31, 2015. 03:13 PM | 2 Likes Like |Link to Comment
  • Further Proof That Sprint Needs Spectrum [View article]
    Claure said Sprint would be number one or number two in two years. Given the increasing shift to data and its preponderance of under utilized spectrum I think it possible if not likely. Look at VOD Japan's turnaround.
    May 31, 2015. 02:52 PM | 1 Like Like |Link to Comment
  • Further Proof That Sprint Needs Spectrum [View article]
    CommChf -- Thanks
    May 31, 2015. 02:49 PM | Likes Like |Link to Comment
  • Further Proof That Sprint Needs Spectrum [View article]
    Thanks. I obviously did not know. I think it more important for Sprint to deploy in So Cal. Though HQ may have written SoCal off for a while in order to concentrate on strength.
    May 31, 2015. 02:47 PM | Likes Like |Link to Comment
  • BlackBerry: I Hope Analysts Are Wrong [View article]
    It is a Galaxy Note. The touch screen has varying sensitivity and response to taps. That is a Samsung issue. The inferior apps and UI consistency is an Android issue.
    May 29, 2015. 04:57 PM | 1 Like Like |Link to Comment
  • BlackBerry: I Hope Analysts Are Wrong [View article]
    You are right. Amazon blew the phone thing.

    Perhaps a better description would be seamless with Android provided you use the Amazon app store. CrackBerry provides a good Play app.

    I had a Q10 with both Amazon and CrackBerry's play app and it worked well. Much more finished and predictable than my brand new Galaxy note.
    May 29, 2015. 04:55 PM | 1 Like Like |Link to Comment
  • BlackBerry: I Hope Analysts Are Wrong [View article]
    what does osborne mean?
    May 29, 2015. 09:42 AM | 1 Like Like |Link to Comment
  • BlackBerry: I Hope Analysts Are Wrong [View article]
    20 years ago Chen was doing a great job keeping Siemens Nixdorf alive. Almost 20 years ago he became Sybase' chairman and shifted the company's strategy to middleware and mobile. He then did a nice job running mobility for SAP. Then he got to BlackBerry.
    May 29, 2015. 09:41 AM | 2 Likes Like |Link to Comment
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