LVLT - Level 3

[Guest ValueCarl]

Ben Graham, you're a fricken animal!  ;D Touche, and let's see SUNIT PATEL with bloodlines by name from the DHANDO investment type of motel, hotel, Holiday Inn businesses here in the U.S., give us that "next acquisition, please!"  Roll those revenues onto our truck, baby! 

 

http://enlightened-american.com/2008/04/10/book-review-the-dhandho-investor-by-mohnish-pabrai

[Guest ValueCarl]

Although Buffett may be learning to "change" faster than this younger protege, while pondering some of the tech related businesses he has engaged including ISCAR, not to mention BYD in many respects, this might keep "The Dhando Investor" away from Level 3 forever.

 

As the race to the River Rhine is in full swing, advantage goes to Buffett in getting across to Big (3)'s equity first!  ;)  Come on Warren, I am rooting for you!  ;D

 

I am also sure that Walter Scott, "The Great Builder," will hasten Warren's movement by facilitating a better "bridge" to overcome any obstacles.  ;) 

 

 

<TransTech was an IT Services/System Integration business. We provided consulting services, but did not develop any products etc. So it wasn't a tech-heavy business. While having a Computer Engineering degree and experience was useful, it wasn't critical. TransTech taught me a lot about business and that experience is invaluable in running Pabrai Funds. Investing in technology is easy to pass on because it is a Buffett edict not to invest in rapidly changing industries. Change is the enemy of the investor.  >

[FFHWatcher]

I am interested in LVLT.  I would pay a lot more attention to your and ValueCarl's posts if you were to actually spoon feed us, like you suggest.  The two of you have obviously taken it upon yourselves to follow LVLT extremely closely and I appreciate that. Unfortunately, I feel you and ValueCarl are almost trying to force feed readers with a shovel and you are choking us.  The volume and frequency of your posts are so over the top that my personal reaction has been to mostly ignore or at least cringe every time I see that you have posted.  I suspect that both of you can really contribute to a discussion on LVLT however I find the delivery of your input annoying due to the volume.  Much of the time, I think you may as well just email yourselves back and forth vs. posting on a forum.  Why not just state your thesis and chime in when something material changes or at least limit your posts to 2-3/week?  Like I said earlier, I do appreciate your knowledge of the industry and specifically LVLT but I have been mostly unable to learn as much as I could from your posts because I have been put off by the pure volume and frequency of your posts.  I don't know of any other topics on this forum that has a thread with the same characteristics as this LVLT thread.

[Guest ValueCarl]

FFHWatcher, before I follow Ben Graham into the sunset, I will leave you with some thoughts. "Change" is inevitable for all species on the planet including value investors who prefer to shun it. The speed of change which will catapult our global society to places where we have never dreamed about before, is embedded inside the Level 3 Network. The fact that we are now moving so quickly as a result of a rapidly advancing all IP world, will surprise best of breed value investors sitting on their fences, sooner rather than later. Granted, it has been a long hard road with many twists and turns including plenty of lions, tigers and BEARS; however, somebody had to pave the way for the promise of the internet to be delivered, so quoting Jim Crowe, "it might as well be us." The incumbent owners of the Level 3 Network who have taken stock at ridiculously low intrinsic values overtime, will be very pleased with the rewards that this valuable asset provides them long into the future on a retrospective compounding basis.

 

Best wishes to all the players at "The Corner of Berkshire and Fairfax." 

[FFHWatcher]

I appreciate that neither of you attacked me for being honest.  Thank you. 

 

Why can't you each of you stick around, post a couple times per week if and when material events occur, and watch how your investment thesis plays out? 

 

I assume that many 'would be' investors take a quick look at Level 3 and see  the past 1-2 decades of billions and billions in capex, followed by years and years of flat to falling revenue, years of consistent losses, and billions of dollars in debt that isn't shrinking that fast.  Potential investors must be asking themselves, if they have spent billions and billions on this infrastructure and after a decade, still haven't been able  to turn a reasonable profit, why should I invest in Level 3 now... what's the rush to invest in this now?

 

The two of you have given this group more than enough information on your investment thesis.  If I were in your shoes and did all this work on LVLT and shared it with everyone here, don't you want to stick around to see how this plays out?  You two are obviously quite passionate about LVLT.  Perhaps too passionate? (obviously not if you both eventually become rich off of it).  People are reading the thread but you would have a lot more 'listeners' if you changed the way you shared your information and, I suspect there will be more people interested when LVLT's revenues accelerate and losses become profits. 

[Cirrus 22]

Dear Ben Graham, ValueCarl and brker_guy,

 

Please do not leave as I have learned so much in the past few months. I have been an equity  owner for years and completely concur with all of your analysis, information and excitement toward the future for Level (3).

 

This is one of the main reasons I joined this site.  The recent developments of the Global takeover, reverse stock split, and bond rating upgrades are all positive developments.  This is exactly the time that we need all of your combined wisdom!!

 

Now that I believe SEAM and Temasek own nearly 50% of the outstanding shares, I would ask any of you where are the new institutional investors going to find stock except at much higher prices?  The law of supply and demand has not been repealed and will be fascinating to watch for the next few years as the crowd comes to their senses.

 

Again, I beg all of you to continue to be part of this thread and know that I for one have very much appreciated all your posts. It is obvious that all of your views are exactly why I belong to this site....to find value ideas before the crowd does.

 

Thank you in advance for considering my request.

 

 

[Shane]

I think more people on here own LVLT than you expect, I do.  Ben Graham - you were critical in giving me the information needed to pull the trigger.

 

I plan to accumulate shares over time as the picture becomes more clear to me.  If your really leaving then I'll thank you and wish you good luck in the future.

[FFHWatcher]

If i wasn't interested in lvlt than i wouldn't have commented.  That is why it is frustrating for me.  I was long a year or two ago and am a very recent shareholder again.  Please pick 1-2 posts per week and start them off with *** and i will interpret that to mean those are the key ones to read each week  :)

Should we start a fresh Level 3 topic that has a valuation and an investment thesis included?

[Guest ValueCarl]

Ben Graham, if you stay, My (3) Brother, I stay with you! If you go, I go!  ;)

 

Cirrus 22, you are very kind sir, and I thank you personally, very much. I am almost sure that Brker_guy will not let us down when we require his amazing technical expertise in the satellite and video compression fields in order to make the very complex much more simple. He has been a breath of fresh air to this board from the day that Netflix made the large CDN commitment to (3) last November! 

 

I agree with Ben Graham, that it is hard to contain one's excitement considering the speed at which the internet is moving to HDTV over IP. I have laid lower for a long time here, while utilizing other forums to share my excitement or even vent some of my concerns. I have said it before, and I'll say it again, if it were "easy" everyone would have accumulated sizable stakes at 60 cents per share, with plenty of blue skies still in front of them, more than likely and highly probable. Brker_guy was one of those guys a lot smarter than me in this regard, so hats off to him again. I got my share, but far from all of it there!

 

FFHWatcher, I believe we have all said over a period of time, that Rob Powell's blog over at Telecom Ramblings is a crucial "supplement" to your "Fiber Diets" in order to understand telecom and the internet more thoroughly moving ahead. The work he does identifying individual securities along with macro trends on a daily basis, is extremely impressive and valuable. His inner eye into the entire industry is uncanny at times. 

 

This being said, I think Dan Caruso, a prior Level 3 executive who was once disappointed that he sold ICG assets to Level 3 too cheap, after he had left and went on his own, has been adding much value along with Rob's recent article since he purchased 360 Networks' assets. Dan Caruso is not someone to ignore in the telecom space. He did, and may still, consider Warren E. Buffett as well as Jim Crowe partial mentors in his life. 

 

http://www.telecomramblings.com/2011/10/zayo-strikes-again-buys-360networks/#comment-7251         

[Guest ValueCarl]

Brker_guy has educated this board how LVLT was moving up the "value stack" or IP layers towards the pinnacle of its profit center in the form of "apps." He used a pizza related acronym to illustrate if one goes back. 

 

<Without a doubt, brker_guy is a very knowledgeable poster who offers great insight and valuable information.>

 

 

This morning's announcement where traditional IP transit, with prior dumb pipe analogies and commodity characteristics, is getting its own boost of IQ into the bandwidth equation. Embedded in this morning's announcement is where Akamai owners will be surrendering their arms since Big (3) has now crossed The River Rhine.

 

http://finance.yahoo.com/news/Level-3-support-expansion-theflyonthewall-4163363981.html?x=0&.v=1

 

<Level 3 Communications announced that it has been selected to provide content delivery network, or CDN, services to support the online delivery of game content for Wargaming.net, a top international online game developer and publisher. Level 3's ability to scale to meet demand for content on a global scale will aid in the growth of Wargaming.net's World of Tanks game title. Under the terms of the expanded contract, Level 3 is providing Wargaming.net with caching and download services, live event and monitoring support services and premium content analytics for the World of Tanks massive multiplayer online game, or MMO. Since its launch in the Russian Federation last year, World of Tanks has gained a large following with nearly five million registered users worldwide.> 

 

To pick up on our new Asian partners Ben Graham pointed out, these people who look at their investments from the perspective of centuries, versus the next high frequency trading fraction of a second, it seems as though Big (3) is hardly resting on its laurels after swallowing Global Crossing. No big deal according to the FOOLS in Motley Land. Proceed as naysayers at one's own peril. 

 

http://www.fiercetelecom.com/story/report-windstream-could-face-bidding-war-paetec/2011-10-10

 

<Windstream's (Nasdaq: WIN) desire to complete its pending acquisition of PAETEC, a deal that will instantly double its business service holdings, may now face a competing offer from Level 3 Communications (Nasdaq: LVLT).

 

Read more: Report: Windstream could face bidding war for PAETEC - FierceTelecom http://www.fiercetelecom.com/story/report-windstream-could-face-bidding-war-paetec/2011-10-10#ixzz1aOBZnNAy

Subscribe: http://www.fiercetelecom.com/signup?sourceform=Viral-Tynt-FierceTelecom-FierceTelecom>

 

 

I notice Dan The Huckster from Sprint's stock is being hammered this morning also with all this Apple Iphone news being peppered about by AT&T pre orders, etc. Dan would be smart to finally give up his vastly neglected "pin drop" long distance network over to the more efficient backbone of Level 3 Communications.

 

FFHWatcher? Would you be so kind to answer my question to Dan Caruso on where one finds the gap from his March 31st to June 30, 2011 and corresponding DROP in Member's Interest "investment capital" not contained in the FOOTNOTE for reconciliation purposes? 

 

This is supposed to be an investment learning board including all facets of investments especially the language of business contained in "accounting." 

[Guest ValueCarl]

Level 3 to Deploy Submarine Cable in Colombia and Expand Metro Presence.

 

http://www.telecompaper.com/news/level-3-to-deploy-submarine-cable-system-in-colombia

[Shane]

I think LVLT goes into people's too difficult pile.  I don't see people on the board being overly negative about the 'vision' of the management and the potential upside... really I just see people concerned over fundamentals.  LVLT is highly leveraged - this makes people focus on the short term as a misstep could be very painful.  LVLT needs a long term outlook and TRUST in the management.

 

I've made LVLT a small position, as I become more comfortable i'll consider making it a larger one.  In times like these there are lots of opportunities that can work out in shorter time horizons.

 

ValueCarl & Ben - you have focused heavily on the firm, which I believe is what you have to do to have the confidence needed to have a large position.  I think others just pass it over in search of things that will workout in 2-3 years.

[namecsw]

 

Years ago,  a Japanese Zen master told me "friends are people whose flaws you can tolerate."

 

 

I'm fine with the flaws of the posters on this thread.

 

 

[oddballstocks]

Is there a way to give a summarization of the thesis?  I browse this thread but can't get a handle on the firehose of information.

 

From what I can gather:

-Level 3 built a ton of fiber

-Demand for fiber is growing

-Level 3 is cheap on a replacement basis.

 

I have two data points to add to this discussion (totally anecdotal)

1) I know someone who was in sales for Level 3 back in 05/06 (still works for them, but I haven't run into him in a while) and at the time there was a big scare with the debt.  He was gushing about the CFO at the time who did some financial engineering to push the day of reckoning further out.  I don't know if this has been resolved, but it's been a mental block at me looking at the company.

2) At the back of a property my parents previously owned were railroad tracks.  I remember in the 90s fiber companies were laying lines like it was going out of style under the train tracks.  None of it was ever lit, and they received money in some class action because it was installed without the proper permits, but the amount of overcapacity was astounding. Maybe this has shrunk, I have no idea.

 

So I guess my questions are how does Level 3 monetize their assets going forward?  And what's the margin of safety, the company is heavily indebted, but in a bankruptcy scenario it's likely the fiber would go cheap and the equity investor would lose out.

 

The other thing I wonder about is the placement and demand of the lines.  It seems a lot of the overcapacity was long haul lines, along railroads, crossing the country.  But the problem with demand isn't the the main pipes it's the last mile.  My company's office in downtown Pittsburgh can't get a good internet connection even though there is a fiber trunk line a few blocks away, the building is too old or something.  Fixing the last mile will increase utilization of the trunks.

[Guest ValueCarl]

Ultimately, bandwidth becomes a "scarce" technology based commodity. In its raw form, it is no different than oil, natural gas, water or electricity. It will need to be wisely conserved by its owners, in order that its useful life is extended. At Dan Rayburn's, May, 2010 CDN Conference where Jim Crowe was one fine "Keynote Speaker," he wowed the audience by paying tribute to his Chairman, Mr. Walter Scott, referencing his sage advice to invest in trends, and he left that same audience with a quote paraphrasing another tech guru somewhere in his universe. The quote went, "A man can't be too rich, too thin, or own too much bandwidth."

 

We have talked about exafloods and tsunamis of video data around here for a long time now, as well as "OVER THE TOP VIDEO(OTTV)," sure to place high demands and value on ascertaining "intelligent bandwidth."

 

Let the exaflood continue and call Peter Lynch while we're at it. Turn to your children, grandchildren and peers all around you for clues as to the importance of accessing the internet ubiquitously. If the answers to humanities questions are always there, it's a hard ADDICTION to break oneself from. If productivity gains are there, it's something that will be embraced by businesses not shunned. If entertainment is facilitated by its use, it will be the most used entertainment "enabler."   

 

http://connectedplanetonline.com/IP-NGN/news/level-3-plays-over-the-top-partner-with-new-gaming-service-1010/

 

 

Level 3’s Bandwidth Optimizer combines IP and content delivery network (CDN) services to give online gaming providers, in its words, “the right amount of bandwidth the right time,” reducing the risk of service delays, in particular during the peaks around game launches and updates (Briefing Room: Level 3 Introduces Bandwidth Solution that Offers One-Stop Shop for Gaming Companies).       

[Guest ValueCarl]

Today, the flesh eating men of Wall Street keep quibbling over "How Much?" How much debt, how much bandwidth, how much more time, how much more investment, how much ratio to apply, how much is Jim Crowe's house going for on the market now, and on and on and on.   

 

They are asking the wrong questions since the right question should remain: How is it possible that I can be paying so little for a company who is the absolute "proxy" for this universe's internet for as far as human eyes intend on seeing? 

 

They don't ask that question because, they know that it is only through their own manipulation that they have been able to restrain and constrain this internet juggernaut. The selfish reasons which have surrounded that will probably be chronicled in a book one day, by Jim Crowe himself before he dies, maybe.

 

The beauty of Big (3)'s factory; however, are the "fat margins" for all the "ON NET" traffic which will continue "migrating" its way, and through its "fat internet pipes" where no mouse will live comfortably.   

 

Price is what you pay, value is what you get. Oftentimes, true value is not disclosed by the flesh eating men of Wall Street as is the case behind Level 3 Communications for many years. It has occurred by criminal means at times, also.   

[Guest ValueCarl]

I don't know if Mr. Scott has built a better "bridge" for Mr. Buffett to beat Mr. Pabrai across The River Rhine and deeper into Deutschland this morning, but that is where we have landed.  ;)

 

http://finance.yahoo.com/news/Level-3-Expands-Enterprise-prnews-2596929517.html?x=0&.v=1

 

MUNICH, Oct. 11, 2011 /PRNewswire/ -- Level 3 Communications, Inc. (NASDAQ:LVLT - News) today announced that it has expanded its available services in Germany to offer its entire portfolio of enterprise services, including VPN, DIA, website accelerator services, managed DDoS protection and other services to customers throughout the country. The full range of services uniquely positions Level 3 to support the expansive growth in Germany, particularly in online commerce. Level 3's full-service portfolio, delivered over its scalable and secure network, enables enterprises across Germany to compete more effectively in the global market.

 

"Walter is a great builder." Warren E. Buffett 

 

http://www.youtube.com/watch?v=1LvOz0j0vbE

[Guest ValueCarl]

Try a "floating bridge" loan--like in the video to cross The River Rhine--with FFHWatcher to see how it works at first, Ben Graham. After all, interest rates are so damn low, and you will be hurt more than him as a sign of your "friendship," at least initially.  ;D 

[Guest ValueCarl]

FFHWatcher, I had asked for some help in identifying what I consider to be a "gap" in Dan Caruso's financials which he graciously provided to Rob Powell's blog. It should not be a surprise to anyone here that, "accounting is the language of business," therefore, getting one's head and hands around accounting matters is an important ingredient for investors. The gap I reference is specific to the change in Member's Interest from March, 2011 to June, 2011, and is not fully understood by reflecting upon the net of the "footnote" alone. 

 

So that there is no confusion, and you don't think that I am trying to trick you, I don't know the answer to where the "reconciliation" might come from, and that's why I asked. Unfortunately, I am not an accountant by trade.

 

Will you help me out? Thanks in advance. 

[Guest ValueCarl]

Another gaming account win inside The Cloud, one which holds Limelight Networks, a (3) CDN competitor as its "investor."

 

http://www.prnewswire.com/news-releases/level-3-powers-gaikais-state-of-the-art-cloud-based-streaming-video-game-experiences-131514298.html

 

 

Gaikai's interactive network is a cloud gaming service that provides the ability to instantaneously deliver high-end video game experiences directly online, using any Web browser, with no special plugins or downloads required. Partners include Electronic Arts and Walmart, and an affiliate network reaching over 10 million users. To ensure Gaikai is able to provide seamless, superior quality experiences for popular games such as "The Sims®," "Mass Effect 2®" and "Crysis 2®," the company is using Level 3's High Speed IP (HSIP) and Colocation services.

"We've built the fastest, lowest latency interactive network in the world, and plan to expand the capacity to reach even more gamers using Level 3's incredible array of IP services," said David Perry,  CEO of Gaikai. "We have focused religiously on the quality of the experience and are confident of being able to reach an audience of over 100 million users within the next year."

"We know that when it comes to leading-edge online experiences like cloud gaming, the ability for a gamer to begin playing immediately and become fully immersed in a game is critical," said Jeff Storey, president and chief operating officer at Level 3. "Gaikai's foundation is built upon providing an unparalleled gaming experience that eliminates the need for expensive hardware and cumbersome registration requirements. Their decision to use Level 3's Internet backbone for its services is a testament to the quality and performance of our global network platform."

The Level 3 network is trusted by many leading entertainment and media companies to deliver content to audiences worldwide. The company's services for the gaming industry are similarly designed to seamlessly deliver high-quality online content to end-users, allowing developers and publishers to spend more time designing and developing the best games possible and less time thinking about how to deliver them online.

 

 

About Gaikai Inc.

Gaikai is the world's first interactive cloud streaming platform that provides its partners with the ability to instantly stream state-of-the-art video game and software experiences through the Internet to any web browser, running on any operating system. Headquartered in Southern California, Gaikai is backed by Benchmark Capital, Rustic Canyon, NEA, Intel Capital, Qualcomm and Limelight Networks. To add Gaikai powered video games to your website please visit: www.gaikai.com/affiliates

[FFHWatcher]

FFHWatcher, I had asked for some help in identifying what I consider to be a "gap" in Dan Caruso's financials which he graciously provided to Rob Powell's blog. It should not be a surprise to anyone here that, "accounting is the language of business," therefore, getting one's head and hands around accounting matters is an important ingredient for investors. The gap I reference is specific to the change in Member's Interest from March, 2011 to June, 2011, and is not fully understood by reflecting upon the net of the "footnote" alone. 

 

So that there is no confusion, and you don't think that I am trying to trick you, I don't know the answer to where the "reconciliation" might come from, and that's why I asked. Unfortunately, I am not an accountant by trade.

 

Will you help me out? Thanks in advance.

 

Is this the stuff you determine to be significant when looking at and monitoring investments?

I have quickly concluded that I just don't think I have anything to gain with being part of this discussion.

Don't let me stop or discourage the writers here on how you want to manage your investments but it just doesn't sync with how I manage mine.

Thanks,

FFHWatcher

 

[Guest ValueCarl]

Brker_guy, Karl Denninger is giving Sprint ultimatums. Maybe it is time for that "Shot Heard Round the Telecom World" with Sprint, Clwr, and Level 3 joining together?

 

FFHWatcher, if the quality of numbers being presented by any given corporation are not important to you, please don't let the door hit you on the way out!  >:( The ratio was enhanced favorably-lower-by Member's Interest or their cost basis having gone down. The footnote did not fully explain the reduction. Did they take money out? What is the explanation for the change? 

 

 

http://seekingalpha.com/article/298744-sprinting-to-bankruptcy

 

I recognize that this is a "Hail Mary" maneuver and it risks cannibalizing Sprint's own contract customer base. But this much is a certainty - if Sprint doesn't stop the bleeding right now in the stock price they're going to get locked out of the capital markets as credit conditions in the market in general are deteriorating at a frightening rate, Europe is going to blow up and the company is, on the present path, going to get downgraded.

 

Either management acts right now or Sprint is done.

 

It's that simple.

 

Disclosure: The author has a position in this security and often trades in the telecommunications space on a daily basis, and with this situation this fluid disclosure of specific positions and intent would be pointless since those position(s) could change literally within minutes.

[FFHWatcher]

My earlier and first impression that the two of you (ValueCarl and BenGraham) might as well be emailing each other was correct.  The two of you are certainly not trying to get feedback, input, or even looking to intelligently discuss LVLT.  While the two of you may know lots about LVLT and the telecom industry (ValueCarl knows telecom), I have no idea what is going on inside your heads. 

 

You are posting links to 10 minute Youtube videos about WWII/Rhine River because you think it has some over-riding theme similar to LVLT and expanding in Germany with Buffett and Pabrai and building some sort of bridge analogy (??? who does that?), you are posting a full page of sports broadcasting contracts from wikipedia suggesting that their is huge opportunity here for LVLT, asking me to go do research on a different (privately held) company because you can't figure out what has happened to $6M from which the CEO already told how it was accounted for (still immaterial PLUS it is a private company) and then tell me that I am ignoring the financials (???), you re-post the daily press releases from LVLT while creatively adding your own highlighting, font changes, etc., while at the same time adding irrelevant quotes from the worlds greatest investor - Warren Buffett - that have absolutely nothing to do with LVLT because you think it legitimizes your investment in LVLT and how WEB would rubber stamp and approve of LVLT and their business plans because he has a connection to the Chairman, who is a great builder?  That kinda stuff is written by internet Trolls and goes on all the time on the Yahoo Boards but you are the only two doing it here, from what I can tell.  Here is a link you may find interesting.  They post junk every couple of minutes.

 

http://messages.finance.yahoo.com/mb/LVLT

 

Like I said earlier, I have no idea what goes on in your heads and I have no idea how the two of you see how your comments and thoughts are in anyway productive in discussing LVLT.  Please do not misinterpret this response to be an invitation to involve me in your discussion with LVLT. Please go about your business without involving me.

 

FFHWatcher

[DCG]

My earlier and first impression that the two of you (ValueCarl and BenGraham) might as well be emailing each other was correct.  The two of you are certainly not trying to get feedback, input, or even looking to intelligently discuss LVLT.  While the two of you may know lots about LVLT and the telecom industry (ValueCarl knows telecom), I have no idea what is going on inside your heads. 

 

You are posting links to 10 minute Youtube videos about WWII/Rhine River because you think it has some over-riding theme similar to LVLT and expanding in Germany with Buffett and Pabrai and building some sort of bridge analogy (??? who does that?), you are posting a full page of sports broadcasting contracts from wikipedia suggesting that their is huge opportunity here for LVLT, asking me to go do research on a different (privately held) company because you can't figure out what has happened to $6M from which the CEO already told how it was accounted for (still immaterial PLUS it is a private company) and then tell me that I am ignoring the financials (???), you re-post the daily press releases from LVLT while creatively adding your own highlighting, font changes, etc., while at the same time adding irrelevant quotes from the worlds greatest investor - Warren Buffett - that have absolutely nothing to do with LVLT because you think it legitimizes your investment in LVLT and how WEB would rubber stamp and approve of LVLT and their business plans because he has a connection to the Chairman, who is a great builder?  That kinda stuff is written by internet Trolls and goes on all the time on the Yahoo Boards but you are the only two doing it here, from what I can tell.  Here is a link you may find interesting.  They post junk every couple of minutes.

 

http://messages.finance.yahoo.com/mb/LVLT

 

Like I said earlier, I have no idea what goes on in your heads and I have no idea how the two of you see how your comments and thoughts are in anyway productive in discussing LVLT.  Please do not misinterpret this response to be an invitation to involve me in your discussion with LVLT. Please go about your business without involving me.

 

FFHWatcher

 

It certainly is a bit strange that there is a 124-page-long thread for a company that has yet to make a penny of profit. I know there's value to this company, but I also sold a book on eBay last week and made more profit than LVLT has made in the last 15 years.  :P

[Guest ValueCarl]

You're not being very humble according to the creed of the deep value investor crowd you are supposed to ascribe to, DCG. That's o.k. though, because nobody is perfect!  ;D

 

With respect to some of my off board comments to other (3) Board Brothers with your name attached, DCG, and regarding a changing "pricing paradigm" from an antiquated, legacy regulatory scheme which was not adapting properly for allocating costs to the necessary parties, Level 3 has laid down its guiding principles and policies to be enacted immediately.

 

Embedded herein is another "shift" which will bode well for he with the greatest scale, carrying the heaviest traffic for the "longest distances!"

 

Ultimately, I think your BOOK SALE will PALE comparatively even whilst applying this internet juggernaut's "free cash flows" to its many owners. The days of "FREE LUNCH" riding across The Level 3 Backbone are coming to an end.  ;)

 

http://finance.yahoo.com/news/Level-3-Announces-New-Policy-prnews-107502969.html?x=0&.v=1

 

<One fundamental aspect of the new policy is a requirement that carriers adjust routing practices and interconnection locations so that the distance and volume of traffic carried by each party on their backbone network remains equitable. 

 

"Over the past decade, network management tools available to carriers have advanced dramatically, giving all carriers far more visibility into the traffic on their networks and the practices that carriers can dynamically adjust to assure high-quality service," continued Waters. "Carriers can and should put those tools to work to assure that peering practices enable high-quality service while at the same time preserving fairness and equity between carriers. If one party to a settlement-free peering relationship is carrying far less traffic over far less distances than the other party, the policy would require changes to interconnection locations and routing to more equitably distribute the burden of carrying traffic and thus preserve a fair settlement-free peering relationship. In addition, the policy contemplates that carriers should meet and confer frequently to augment interconnection capacity, and adjust interconnection locations so that Internet content sought by customers can be delivered with increasing quality and without congestion that can adversely impact consumers' Internet experience."

 

The revised policy takes effect immediately, and applies to the combined networks of Level 3 and Global Crossing.>