Good riddance to bad rubbish

Nice to be back in London, where advice like this is both readily given and universally ignored. Conveniently, it pretty much sums up investor views on telecom from my series of meetings last week, and also fits in nicely with a view of "the year that was" (the only STOXX 18 sector in negative territory year-to-date, etc...). More red on my screen today, largely as a result of the UK "quadruple play" story, and DowJones is reporting that Centrica has pulled the sale of its OneTel arm after only one bid was submitted at GBP100m. My boss, an energy analyst, reckons this is roughly the amount of invested capital in the business to date, i.e., it's a nil-premium bid.