This week, leading hedge funds and large holding companies are disclosing their buys and sells from the third quarter. B , Warren Buffett's conglomerate.
Berkshire disclosed numerous trades during the quarter, including several buys in the healthcare space, a notable buy in Bank of America , and a notable trimming of Berkshire's giant stake in Apple.
However, perhaps the most interesting Berkshire trade of the quarter was a brand new stake in what is quickly becoming my favorite 5G stock. By Berkshire's standards, it wasn't a huge purchase, occupying only the 33rd�largest holding in the Berkshire portfolio.
T-Mobile doesn't look particularly cheap by conventional metrics at 34 times next year's earnings estimates. So, it may have seemed counterintuitive that a value investor like Berkshire would make a bet on T-Mobile's shares. However, that valuation is a bit misleading. T-Mobile is still integrating networks and customer bases with Sprint, which T-Mobile acquired back in April.
More important, however, was likely the realization that T-Mobile appears to have a competitive advantage over rivals as the telecom world transitions to 5G. More than just low-valued stocks, investors at Berkshire Hathaway gravitate toward stocks with wide economic moats , or sustainable competitive advantages over rivals.
Apparently, Berkshire has come to the conclusion that T-Mobile has such an advantage. Having recommended T-Mobile since the closing of the Sprint acquisition, I believe that "moat" comes from three different elements. The first T-Mobile advantage is actually a network advantage. While T-Mobile had long had a lagging network relative to rivals, the Sprint acquisition brought along with it highly valuable 2.
And T-Mobile is wasting no time cementing its coverage lead before rivals bid to gain more spectrum at the upcoming December spectrum auction. Low-band isn't the super-fast futuristic spectrum speed you read about, but it's still a leg up over 4G. However, what's really exciting is T-Mobile deploying 2.
In that same recent conference, Ray said that Steamboat Buffet At Liang Seah Street Edition customers average about Mbps on mid-band 5G right now, with the company targeting Mbps exiting the year -- that's a material speed advantage over 4G LTE. Besides a network advantage, a second T-Mobile advantage is the brand the company has cultivated over the past decade as the "Un-carrier," establishing itself as a lower-cost, more customer-friendly wireless company than the two incumbents.
That brand power has been the secret sauce behind T-Mobile's rise over the past decade, and now with a superior network, it should only increase T-Mobile's stature going forward. Finally, T-Mobile has a capital advantage over rivals, in that it doesn't pay a dividend.
Since T-Mobile doesn't have to worry about those dividend payouts, it can be as aggressive as it wants in deploying 5G. T-Mobile's pole position in the 5G races means it has a good shot of stealing market Steamboat Buffet Kuantan Online Shop share in the years ahead. And as a recession-resistant, subscription-based business model, it's a highly defensive way to play the growth of 5G wireless over the next decade. Despite its recent gains , T-Mobile's growth runway still looks significant, even near all-time highs. No wonder Berkshire scooped up some shares last quarter.
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