High-Yield Telecoms

Credit awards 2002

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What was one of the worst calls to make in your sector over the past year that you avoided?

One of the worst calls? Going ‘overweight’ on any CLEC or long haul. This would have been costly. We managed to avoid most of the decliners, but eventually some of our longs were wrong.

What took you most by surprise over the past year?

The duration, breadth and depth of the technology recession. Even the best management teams with the best business plans in the best markets could not survive the c

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