(Bloomberg) Telecommunications companies have long been the unglamorous workhorses of the stock market, favored by investors who appreciate the generous dividends thrown off by their utility-like business and, until recently, the relative lack of volatility in their share prices. But as the industry’s stocks have suffered—the index of big European telcos is down by a quarter since 2015—two U.S.-based hedge funds have been buying into the phone companies and advocating a radical solution: Stop running phone networks.
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