LVLT - Level 3

[Guest ValueCarl]

I captured this "golden nugget" from Brker_guy at another venue. If nuggets like this keep appearing from SPECTRUM CLOUDS, how far away from the mother of BROADBAND GOLD MINES can we be? I suppose this article could fall underneath the CLWR or QCOM threads as well, but I am more of a Big (3) shareholder versus those others. 

 

As for how FAR AWAY such last mile throughput on mobile devices will create broadband nirvana for backbone owners, call Mohnish Pabrai when he is not in closed meetings with Charles T. Munger, and ask him WHEN!  ;D

 

http://gigaom.com/broadband/qualcomm-ericsson-just-brought-mobile-calls-into-the-ip-age/

 

Qualcomm and Ericsson revealed on Thursday that they have successfully passed a voice call from an LTE network to a 3G one, paving the way for mobile carriers to begin migrating their voice traffic onto all-IP 4G networks. That’s a big deal because the sooner carriers move their voice and SMS services to LTE, the sooner they can shut down their pokey 2G and 3G networks and establish a mobile broadband continuum across the airwaves.

   

[brker_guy]

"I captured this "golden nugget" from Brker_guy at another venue."  Just a minor correction.  I actually emailed ValueCarl the article from my iPhone and asked him to posted for me. 

 

BTW: ValueCarl, no one is mentioning the fact openly that Thornburg bought about 1.9MIL shares of LVLT last quarter for us.  It's nice to be buying with good company.  ;D :D ;)

[brker_guy]

In case you choose to be a techie this weekend and decide to watch your Super Bowl on your smart phones, iPhones and iPad, here are your choices:

 

http://www.nfl.com/superbowl/46/live/sunday?module=HP11_content_stream

 

http://arstechnica.com/gadgets/news/2012/02/super-bowl-watch-the-big-game-on-big-and-little-screens.ars?utm_source=rss&utm_medium=rss&utm_campaign=rss

 

All this is brought to you by a network partner you can rely on:  Level (3) Communications.  :D ;D

[Guest ValueCarl]

Vanguard you say, Brker_guy?

 

Unfortunately, the miscreants we are dealing with who price this security and rule over it with impunity are not dumb beyond their criminal nature, and are sure they have history on their side, VANGUARD or no VANGUARD!

 

They probably believe Vanguard is willing to wait another FOURTEEN years or longer with us. That is a nearly $2,000 price per share marker at the top of the following chart for anyone who paid that price circa March, 2000, you know!

 

http://finance.yahoo.com/q/bc?s=LVLT&t=my&l=on&z=l&q=l&c= 

 

 

I have known Vanguards in my life, and Level 3 is not one, especially if they continue to be portrayed in a way that represents incessant references to losses and no regard to non cash charges like depreciation, etc. as they pay outrageous sums in interest($550MM per year) to bondholders for having built the most advanced communications network in our known universe.

 

No projected future cash flows models worth $100B in MARKET CAPS for this nearly $40 Billion in PP&E compared to its FACEBOOK customer comparatively or GOOGLE which preceded it. The thought process is that these DUMP PIPE FITTERS built end to end connections to the Globe's EYEBALLS for naught and into perpetuity!

 

I have SEEN SEAM,  FAIRFAX along with others precede VANGUARD and "Mr. Manipulator" has no respect for them, so why would Vanguard be any different? Tell me who would lay their money down in order to make a difference? Did you call Mohnish? No, somebody better call Warren to put it to these FOOLS because he BELIEVES in America!     

 

http://finance.yahoo.com/news/Level-three-Communications-wscheats-2200812356.html?x=0 

 

http://dictionary.reference.com/browse/vanguard

 

the foremost division or the front part of an army; advance guard;

 

 

 

[Ben Graham]

As long as both ends, of the great End to End Level 3 Network , are lame on demanding live streaming HD video on any screen, Warren Buffett will be a lame duck on LVLT.

 

It will be up to the new blood, Todd Combs & Ted Weschler to boot out those blood sucking 15% note & bondholders. Pabrai Mohnish could also be the new king of LVLT as well. I'd even welcome Carlos Slim to cross the border to slap some sense into Mr. Market.

 

At least the Super Bowl will show the world once again that Level 3 has the capibility to deliver live streaming HD video over the Internet, flawlessly to any screeen, when we get cooperation on both ends - the content end & the wireless end.

 

It is not a matter of if Level 3 will get cooperation to delviver what the world wants (live streaming HD video over the Internet, flawlessly to any screeen), but when the content guys & the wireless guys get their acts together. Level 3/Walter Scott Jr. has been waiting like a true world class gentleman for these a holes to get their heads out of the sand.

 

All we get from the blood suckers of the North/Canada, is snide remarks that this thing is a joke.

 

Think Ahead

 

[Ben Graham]

I'd like to compare two notes.

 

1) O.Mason Hawkins said this with CAPS, to Longleaf Shareholders on January 31, 2012:

 

The Opportunity

 

"When our analysts communicate in writing, in the absence of

being able to raise our voices and pound the table to convey

our convictions, we WRITE IN ALL CAPS. As we enter 2012, we

want to express to you our belief that WE OWN SUPERIOR

BUILDING BLOCKS THAT SHOULD GENERATE OUTSTANDING

FUTURE INVESTMENT RETURNS."

 

http://www.southeasternasset.com/downloads/123111%20Shareholder%20Letter.pdf

 

 

2) Michael Anderson, who works with the Product team at Level 3 to help translate “geek speak” into plain English, said this:

 

"Putting together Global Crossing and Level 3 has created one of the biggest set of building blocks" - the world has ever seen.

 

One complete end-to-end all IP network.

 

An End-to-End All IP Erector Set: http://blog.level3.com/2011/10/07/an-end-to-end-all-ip-erector-set/ 

 

                                                                  * * * * *

 

Conclusion: Level 3 is the one network connecting us all. O. Mason Hawkins knows what he is talking about, superior says it all. Also, he is refering to Level 3 generating huge huge free cash flows as well. You can listen to Mr. Hawkins and G. Staley Cates of Southeastern Asset Management, Inc., in the attachment included below. (if you are a member to this message board)

 

"WE OWN SUPERIOR

BUILDING BLOCKS THAT SHOULD GENERATE OUTSTANDING

FUTURE INVESTMENT RETURNS."

05_O5_2010_O._MASON_HAWKINS_AUDIO_-_LVLT.wma

[Ben Graham]

Microsoft has a way to implement efficient allocation and use of spectrum for all mobile and wireless communication systems. Let's hope the Bells use Spark to light up their 4GLTE network, so Level 3 can deliver huge amounts of pent up bandwidth and start a wild fire explosion of live streaming video over the Internet.

 

http://research.microsoft.com/pubs/101646/hotmobile06.pdf

 

Microsoft Research

 

Abstract

 

With the increased demands for wireless spectrum, dynamic spectrum sharing is emerging as an important and powerful concept. Most research in this domain is being conducted in design of cognitive radios and on specific PHY and MAC layer challenges associated with them. However, for a dynamic spectrum sharing architecture to be viable, research is needed to resolve many other challenges, e.g., in the context of real-time spectrum management and enforcement. This paper is the first to present a study of some such important architectural considerations, driven by our ongoing design and implementation of a spectrum sharing system, called Spark. We propose some promising approaches to address these challenges, and enumerate the need and opportunities for significant future research in this domain.

 

brker_guy,

 

The above paper from Microsoft falls into your spectrum/circle of competence. I know you are a very busy man running your own business.

 

If you can find time, or care to comment on Spark, I would truly appreciate it. If not I understand.

[Guest ValueCarl]

For as far back to the COLLAPSE visualized on the chart I provided--full price history--which preceded but resembled the horrific fall of the World Trade Towers on 911, Jim Crowe has stated that,  "Money is never a problem for LVLT." That collapse from nearly $2,000 pps split adjusted in March, 2000, to $20 today, wiped out 99 percent of capital being shoveled into the enterprise at that time including a network that was still on the drawing board--incomplete--with some 350MM shares outstanding and a market cap of approx. 46B. Some have opined rumors that TREX, the Dinosaur, had made a buyout offer at that time which was rebuffed during the wake of the TECH IMPLOSION. I wonder how many Kiewit Engineers lost their lives like the brave firemen in N.Y.C. during that COLLAPSE resembling KRAKATOA!

 

Today, we stand with 3.75B shares fully diluted outstanding reverse "split adjusted" to recalculate for the past, and a market cap of just 4B.

 

This may or may not be a warning for FACEBOOK owners/investors/speculators because the BACKBONE in an ALL IP world has been free for their ILK to MINT Romney, I mean MINT CACHE, so go ahead and bidda, bidda, bid it up! Homey won't play that game, however.

 

 

In the mean time, we will suffer with SNOTTY NOSE DRIVEL like this casting doubt on the credibility of those at LVLT who present NUMBERS to the Masters of the Universe as if Wall Street doesn't understand misleading accounting. They have assisted at INVENTING IT!

 

Maybe BIG (3) should do the world a favor and end this CRUEL SOCIAL EXPERIMENT to its owners by SHUTTING down their PIPES and taking their BALL back to their hometown in OMAHA where the ORACLE sits inside the Kiewit Tower with BONDS up to his NOSTRILS.  Otherwise, it's all about the TOP LINE growing exponentially inside of this huge factory that is levered for UNLIMITED SALES. That's a damn good thing because as Jim Crowe has told his owners for many years, "We don't sell cotton candy." 

 

http://seekingalpha.com/article/340981-stocks-worth-buying-before-earnings-week-4-feb-6-10

 

It's important to remember that Level 3 should've been bankrupt several years ago, but award winning accounting and efficiency has led many to believe in its potential to grow. Therefore I wouldn't be surprised to see its finance team crunch the numbers in a way to where it exceeds estimates and trades higher with expectations being so low.     

 

         

[DCG]

Why don't you just by Akamai, a company that, you know, makes money?

[Guest ValueCarl]

DCG, I promise you with a guarantee that, this is going to be a pivotal quarter for both Akamai and Level 3, one way or another! Recently, Dean Davidson analyst, Donna Jaegers, fondly recalled as "The Mouse Lady" for bold statements about LVLT's useless PIPES in the PAST, downgraded Akamai.  Some consider her a guru, maven and sage in telecom/internet land. What does she know that you don't when looking to the FUTURE?

 

http://seekingalpha.com/article/304509-level-3-communications-ceo-discusses-q3-2011-results-earnings-call-transcript?part=qanda 

 

 

David Michael Dixon - FBR Capital Markets & Co., Research Division

 

Yes, so I appreciate your insights on Global Crossing's here on the call. Jim, it seems too early to quantify the upside opportunities from tapping Fortune 1000 companies to a greater extent, incorporating Global Crossing's ability to provide you with international reach. That's the first question. The second question is just on the competitive positioning with your low-latency IP backbone. What we're seeing is a major shift in the focus of capital investment from the major carriers moving away from transport towards more of a data center focus. And from proprietary standards, we've seen a rise for companies like Cisco to move on a kind of standard platform. And I'm just wondering if you'd talk about your competitive positioning in the data center arena relative to those shifts that we're now seeing there. And then lastly, just on the CDN outlook, I wondered if you can update us on the pressures that you're seeing from other networks regarding a push to change the tiering model, something we've seen for some time now. I'm just wondering how you would evaluate the risk of not migrating to that model over time and whether the tiering is significant in your view.

 

James Crowe

 

With respect to -- I wasn't able to write quite fast enough there, so I had to get a repeat of the question there from Jeff. With respect to our competitive positioning, we talked quite extensively about this at the time we announced the merger and in the days thereafter. There are most, I guess, if not all, of the Fortune 1000 and many, many other companies that might be smaller and fast-growing, whose businesses don't stop at water's edge or the borders of countries. In fact, most companies today that get started live on the web or, to use the current term, cloud-based, in many ways. And they have a global market almost from the day they're formed. There is no communications company that has facilities that match up with that group of customers, period. You can buy the services of somebody to coordinate provision of services by the various PTTs or local in-country communications companies. You can buy systems integrator services. But if you're looking for someone to provide you end-to-end service with a suite of modern-based transport -- IP, VPN, CDN, we think we enjoy a fairly unique position. With respect to the outlook, we feel positive and strong. The specifics, of course, we'll provide our outlook, as Sunit said, at the end of the fourth quarter. With respect to your observations about the trends in data centers, we agree and have for some time. We've been saying, and our Chief Technology Officer, Jack Waters, I think, has said this for a number of years: There's a sea change going on in technology. 15, 20 years ago, large enterprises, carriers led the charge with respect to developing technologies. Today, it's flipped around and look to consumers and large-scale consumer components, and you build carrier costs, enterprise-class functionality out of lots of low-cost commodity components tied together with sophisticated software. By the way, that's precisely what CDN is. And from the start, commodity servers, commodity -- or open-source operating systems to build our server clusters, which are huge stores of information, whole libraries of many of the streaming providers duplicated in several parts of the country. So we agree, we think it's open source, we think it's market-based standards. We think that, if you are not able to capture that curve and you're tied into proprietary standards or centrally planned standards, you're going to end up noncompetitive over time. But with respect to our approach to data centers, we've said all along we think the word "data center" needs to be subdivided into segments and markets. There are, in our view, 7 or 8 such segments ranging from those who live and provide their services from a data center, Google or Microsoft to more and more of those who perfectively are network-based providers of services of various sorts. At the other end, there are smaller companies that need a whole suite of services from one source. We, our segment, our focus tends to be on those who need a combination of data center services and access to substantial amounts of bandwidth and, I'd add now, globally. And we think there's a very large opportunity there. The statistics obviously are available. We already operate one of the industry's largest collection of data center space and we see nothing but growth opportunity there. I might add that GC Impsat has been a leader, by the way, in a number of areas of data center services that we plan to really spend some time understanding and looking to deploy further. With respect to your question about CDN -- CDN, I think, 2 or 3 years ago, we said CDN needs to be viewed as a part of a carrier business. If you believe what I said earlier and what a number of observers have mentioned that video, whether you think it's going to be 90% in 2014 or 85% or 95%, if you think the trend is clear, you can't be in the carrier business if you don't have CDN. You cannot allocate enough capital either in access networks or in backbone networks to simply say, "I'm going to provision enough bandwidth to cover all the traffic that's coming." The math doesn't work. You're off by an order of magnitude. You cannot get a return simply by throwing bandwidth at it. You have to have, in effect, smart caching. You have to store copies intelligently. You have to have site transformers and site accelerators. We've said that all along. The other half of that statement is, if you're simply providing a CDN service and you don't own the bandwidth, you're going to not be able to have a competitive product over time. And we would argue and we believe it's visible that those trends are playing out.

Well, thanks, everyone for listening in. We look forward to reporting the fourth quarter full year. Obviously, that'll be an important report. And we'll try to provide you as much insight as we possibly can. That's the end of the call, operator.

 

Operator

 

This concludes today's Level 3 Communications Incorporated's Third Quarter 2011 Earnings Conference Call. Thank you for attending, and have a good day.

[Ben Graham]

Streaming Live HD video is a carriers business.To deliver live content from one end, the origin, to the other end, the screen, requires a End to End world class fiber optic network to deliver flawlessly to any screen in the world. Level 3 is the only network in the world that can handle the load of delivering live streaming HD video. Therefore, James Crowe keeps saying we enjoy a unique position.

 

Also, Level 3 has the ability to connect 100's of thousands of buildings and traffic aggregation points, that a middleman like Akamai never can do. Akamai is in the little league compared to the superior network of LVLT. In the long run Akamai is in the buggy whip business.Level 3 can deliver live content directly from the venue to the screen and in route to the screen, capture and store the live video in a data center for later Video on demand viewing.

 

So, think ahead. The future is live streaming video over the Internet.

 

EDIT: Examlpe - the Super Bowl streamed live over the Internet.

[Ben Graham]

brker_guy,

 

Will the value of RF spectrum be diluted if this comes into play?

 

 

Dynamic Spectrum Access (DSA) Systems are one of the most

 

promising technologies available to increase the range and efficiency

 

of spectrum dependent services. DSA systems locate

 

unused spectrum, and organize their users to operate within the

 

spectrum they have identified. DSA systems ensure no interference

 

to other users by scanning and sensing the environment, as

 

the Defense Advanced Research Projects Agency (DARPA) NeXt

 

Generation spectrum sharing field tests have established, or

 

through pre-existing knowledge, such as the geolocation database

 

proposed for unlicensed access to TV band white space, or a combination

 

of both.

 

 

http://www.newamerica.net/files/nafmigration/Marshall_IssueBrief25_DSA.pdf

 

 

EDIT: This is why Prem Watsa wants to get involed with RIMM big time.

 

 

 

[Guest ValueCarl]

Value investor group Southeastern Management, aka, Longleaf Capital, reported their more than forty four million share holdings at 20.8 percent of shares outstanding today.

 

My apologies to Brker_guy and the board for being somewhat dyslexic recently. I was confusing his reference as well as Ben Graham's to the Thornberg buys with Vanguard!  :P I am a battle torn and worn LVLT soldier. Did you CATCH that DCG?  ;D

 

 

http://www.sec.gov/Archives/edgar/data/794323/000080798512000009/lvlt13g12.txt

 

Item 4. Ownership:

 

    (a). Amount Beneficially Owned: (At 12/31/11)

          44,150,956 shares.  This amount includes 4,137,849 in shares

          underlying convertible bonds.

 

    (b). Percent of Class:

 

          20.8 %

 

          Above percentage is based on 211,786,908 shares of Common

          Stock outstanding.

[Ben Graham]

If Level 3 made a deal to buy the long haul business of  Sprint and, through Sprint, with ClearWire (CLWR). The possibility of Level 3 gaining access to the 'last mile', by engaging in a deal whereby they would end up 'owning' rights to spectrum and towers, along with their worldwide glass network, sparks all sorts of thinking.

 

Prem Watsa has ideas also, and is thinking ahead by his doubling of share count in RIMM. Prem's new devices will allow spectrum to be spliced with Microsoft's Spark. Just what the telecom industry needs to ignite an explosion!

_______________________________________________________________________________

 

                                      Spectrum sharing system, called Spark

 

With the increased demands for wireless spectrum, dynamic spectrum sharing is emerging as an important and powerful concept. Most research in this domain is being conducted in design of cognitive radios and on specific PHY and MAC layer challenges associated with them. However, for a dynamic spectrum sharing architecture to be viable, research is needed to resolve many other challenges, e.g., in the context of real-time spectrum management and enforcement. This paper is the first to present a study of some such important architectural considerations, driven by our ongoing design and implementation of a spectrum sharing system, called Spark. We propose some

promising approaches to address these challenges, and enumerate the need and opportunities for significant future research in this domain.

 

http://research.microsoft.com/pubs/101646/hotmobile06.pdf

_______________________________________________________________________________

 

Does Prem Watsa get it?  Does he see the future unfolding?  Demand for bandwidth is insatiable!

 

* Nearly every home becomes a broadcast studio, and each subscriber a content provider. People of all ages are using the Internet to upload photos and videos, sharing them with friends, family and the public.

 

The growth in wireless traffic is just too fast, and simply reallocating spectrum is not a long-term solution. We also need to focus on spectrum utilization if we’re going to meaningfully address the issue in the long run.

 

Dynamic spectrum access (DSA) solutions will help wireless carriers and other users optimize this valuable resource while giving consumers, first responders and soldiers the bandwidth they desire.

 

http://gigaom.com/broadband/will-spectrum-scarcity-sink-wireless-access-to-content-in-the-cloud/

 

_______________________________________________________________________________

 

Footnote: For all my fellow LVLT foot soldiers. Remember our fearless leader's battle cry!

 

"Liquid resources and strong financial backing are scarce and valuable assets in today's telecommunications world," said Buffett in a prepared statement at the time of the investment. "Level 3 has both. Coupled with the management of Walter Scott and Jim Crowe, in

whom I have great confidence, Level 3 is well-equipped to seize important opportunities that are likely to develop in the communications industry."

 

Buffett investment

 

http://www.cwalocal4250.org/news/binarydata/Part%20Two.pdf    (Page 5)

 

 

[Ben Graham]

I captured this "golden nugget" from Brker_guy at another venue. If nuggets like this keep appearing from SPECTRUM CLOUDS, how far away from the mother of BROADBAND GOLD MINES can we be? I suppose this article could fall underneath the CLWR or QCOM threads as well, but I am more of a Big (3) shareholder versus those others. 

 

As for how FAR AWAY such last mile throughput on mobile devices will create broadband nirvana for backbone owners, call Mohnish Pabrai when he is not in closed meetings with Charles T. Munger, and ask him WHEN!  ;D

 

http://gigaom.com/broadband/qualcomm-ericsson-just-brought-mobile-calls-into-the-ip-age/

 

Qualcomm and Ericsson revealed on Thursday that they have successfully passed a voice call from an LTE network to a 3G one, paving the way for mobile carriers to begin migrating their voice traffic onto all-IP 4G networks. Thats a big deal because the sooner carriers move their voice and SMS services to LTE, the sooner they can shut down their pokey 2G and 3G networks and establish a mobile broadband continuum across the airwaves.

   

 

 

ValueCarl,

 

The above highlighted comment in red, made by you is very intriguing. You seem to have the ability to follow Charlie Munger very closely, so much so that you can meet him face to face, like in an "end to end" kind of way. You must rely on a very good social "network", to make that happen. Are you really WEB?

 

You have said that you go to Pasadena, California to attend Munger meetings. Maybe one of these days you might like to drop by the office of Li Lu, who manages Himalaya Capital. 

 

 

301 E. Colorado Blvd Suite 501

Pasadena, California, 91101-1919

United States

 

Li Lu only manages 3 accounts totaling an estimated $446,000,000 and has an average total assets under management of $11,976,305,013

 

http://investment-advisors.findthebest.com/l/35782/Himalaya-Capital

 

 

Carl, please ask him to show you all the LVLT notes & bonds and shares he holds for WEB & Charlie.  ;)

 

 

[Ben Graham]

I captured this "golden nugget" from Brker_guy at another venue. If nuggets like this keep appearing from SPECTRUM CLOUDS, how far away from the mother of BROADBAND GOLD MINES can we be? I suppose this article could fall underneath the CLWR or QCOM threads as well, but I am more of a Big (3) shareholder versus those others. 

 

As for how FAR AWAY such last mile throughput on mobile devices will create broadband nirvana for backbone owners, call Mohnish Pabrai when he is not in closed meetings with Charles T. Munger, and ask him WHEN!  ;D

 

http://gigaom.com/broadband/qualcomm-ericsson-just-brought-mobile-calls-into-the-ip-age/

 

Qualcomm and Ericsson revealed on Thursday that they have successfully passed a voice call from an LTE network to a 3G one, paving the way for mobile carriers to begin migrating their voice traffic onto all-IP 4G networks. Thats a big deal because the sooner carriers move their voice and SMS services to LTE, the sooner they can shut down their pokey 2G and 3G networks and establish a mobile broadband continuum across the airwaves.

   

"I captured this "golden nugget" from Brker_guy at another venue."  Just a minor correction. I actually emailed ValueCarl the article from my iPhone and asked him to posted for me. 

 

BTW: ValueCarl, no one is mentioning the fact openly that Thornburg bought about 1.9MIL shares of LVLT last quarter for us.  It's nice to be buying with good company.  ;D :D ;)

 

 

Brker_guy,

 

Thank you for being a vanguard. Your tremendous effort to spearhead and focus our attention on what is important to make the Internet complete, is very much appreciated. I'd like to add this as well.

 

On this same note in regards to SRVCC (Single Radio Voice Call Continuity). It is a step in the right direction, thus eliminating the need for smartphones to use separate LTE and 3G radios and modems.

 

However, the next gaint step after these baby steps is dynamic spectrum sharing - Dynamic spectrum access (DSA) solutions that will help wireless carriers and other users optimize this valuable resource.

_______________________________________________________________________________

 

ONE BABY STEP:

 

The next step in the 4G LTE voice roadmap, SRVCC follows the commercial launch of circuit-switched fallback technology (CSFB) on smartphones in 2011. CSFB allows a single radio in the handset to dynamically switch from an LTE data connection to a 3G connection when the user needs to make or receive a call.

 

SRVCC support enables a single radio in the handset to execute a seamless handover of a voice call from an LTE network to a 3G network. Furthermore, SRVCC and CSFB allow both LTE and 3G network connections to be supported on a single chip, eliminating the need for smartphones to use separate LTE and 3G radios and modems.

 

http://mybroadband.co.za/news/cellular/42861-qualcomm-demos-first-voip-over-lte-call-with-single-radio.html

_______________________________________________________________________________

 

TWO GIANT STEPS: Microsoft & Prem Watsa Get It!!!!!

 

 

1) Spectrum sharing system, called Spark

 

With the increased demands for wireless spectrum, dynamic spectrum sharing is emerging as an important and powerful concept. Most research in this domain is being conducted in design of cognitive radios and on specific PHY and MAC layer challenges associated with them. However, for a dynamic spectrum sharing architecture to be viable, research is needed to resolve many other challenges, e.g., in the context of real-time spectrum management and enforcement. This paper is the first to present a study of some such important architectural considerations, driven by our ongoing design and implementation of a spectrum sharing system, called Spark. We propose some

promising approaches to address these challenges, and enumerate the need and opportunities for significant future research in this domain.

 

http://research.microsoft.com/pubs/101646/hotmobile06.pdf

 

 

2) Dync spectrum access (DSA)

 

Solutions will help wireless carriers and other users optimize this valuable resource while giving consumers, first responders and soldiers the bandwidth they desire.

 

http://gigaom.com/broadband/will-spectrum-scarcity-sink-wireless-access-to-content-in-the-cloud/

 

Discloser:  I just throw ideas out there for the pros like bker_guy & ValueCarl to chew on. 

 

Disclaimer: I got this message that was emailed from Bill Gates to my Microsoft Skype phone. (VoIP)    :) :D :) :D

 

Please see enclosed Attachment below. THIRD STEP

[Guest ValueCarl]

Coinstar is finally partnering with another LVLT partner, Verizon, in order to stream online videos. It has been years since I recommended these RED BOXES follow the broadband road for their customers to the Level 3 Network. Can or when will Level 3 be announced as part of their cdn choice? If not, I pity the QUALITY of the STREAM for those using Coinstar's service. 

 

http://www.forbes.com/sites/greatspeculations/2012/02/07/coinstar-takes-on-netflix-shares-soar-after-earnings/

 

Now you can add Coinstar (NASDAQ: CSTR), deployers of the ubiquitious Redbox DVD vending kiosks, to the list with its newly announced partnership with Verizon Communications (NYSE: VZ) to begin streaming media online.

 

Whether or not this is a game-changer for Netflix remains to be seen. As of Monday’s close, shares of both Netflix and Coinstar were moving strongly higher, with NFLX up more than 2% and CSTR gaining more than 1% (even Verizon, which has sold off sharply since the beginning of the year, edged higher by three-quarters of a percent), the consensus opinion on the deal is somewhere between “this won’t hurt Netflix” to “this won’t hurt Netflix, yet.”

[Guest ValueCarl]

Brker_guy sent me this article from the field. Lightsquared is pulling out all the stops heading into the last hour.

 

http://gigaom.com/broadband/in-a-suspect-move-lightsquared-calls-for-gps-design-standards/

 

LightSquared is right in principle. If the FCC is serious about finding new spectrum for mobile broadband it has to protect license holders. In order to prep the L-band for 4G, the government needs to create and enforce standards on the GPS devices to prevent them from stepping outside of their bands.

 

But in this case, LightSquared is using principle as cudgel to beat back the commercial GPS lobby so it can deploy its LTE network before it runs out of funding. Drawing attention to receiver design paints the GPS industry as the bad guy and makes LightSquared out to be the victim of its selfishness and neglect. That’s a perception LightSquared would love to amplify as Congress focuses its attention on the controversy.

 

Interference in the L-band is a big issue that will take years to fix. On the one hand, LightSquared is making the perfectly reasonable argument that the problem can be solved through government-imposed standards. But in the next breath, it seems to be denying that the problem exists at all, demanding permission to launch its network regardless of what chaos ensues with GPS. The would-be carrier probably doesn’t care one whit if such standards are ever adopted. In fact, LightSquared is asking the FCC rule that GPS receivers aren’t entitled to protection from interference, which would make standards moot. LightSquared just wants to get its network built as quickly as and by any means possible.

[Sportgamma]

Ben Graham has provides us with a lot of info as to why one should buy LVTL (conformation bias?).

 

We know that

- LVLT has the lowest cost structure

- Demand will rise rapidly

- Scale will create efficiencies

- Cost of assets are in the region of 37 B.

 

However, the reason why LVLT was able to acquire those assets at such discounts was because of liquidity issues.  Assets worth 37B generating a negative cash flow of 100M won´t get their full value if things go sour. With annual interest payments of 600M and 450M in cash, a holder of common stock is carrying a lot of downside risk.

 

Watsa and co. are clever guys, that´s why their in convertible bonds.

 

The question is indeed when will things reach a turning point...

 

 

 

[Santayana]

I think Prem owns a lot more common than the convertibles at this point. 

[Guest ValueCarl]

Welcome aboard Sportgamma, but you need to get a better game face on before you address this thread with outdated information along with a mild hint or DASH of BASH!

 

As if you couldn't know, Level 3 reported to Wall Street this morning according to this PR:

 

http://files.shareholder.com/downloads/LVLT/1674661915x0x541024/f9add622-8064-4fd7-b620-368d9fb22c4a/4Q11%20Earnings%20Release.pdf

 

Before I go on, you should know that Watsa, etal have few, if any, converts left and are mostly ALL IN EQUITY as of this hour, while we continue waiting for their most recent 13GA filing with the SEC.   

 

LVLT's pro forma cash is nearly a billion dollars.

 

<As of Dec. 31, 2011, the company had cash and cash equivalents of approximately $918

million, or $951 million pro forma for the January 2012 capital markets activity. >

 

Although on a combined pro forma basis, you're right that they generated negative free cash flow of $104MM while "excluding cash acquisition related costs" for the calendar year 2011, these results are void of the $340MM in synergies still in front of us. It appears Donna Jaegers was being disingenuous with her summer end call that European risk would weigh on Level 3, rather it was tied to Global Crossing having been bailed out of a difficult TROUGH stemming from bloodletting in the govt. space of Mother England where that continues. Put another way, that was "THE BUYING OPPORTUNITY" which ensued!   

 

Here's another good summary presentation offered up by the CFO during this morning's conference call which went very well, I am happy to report. Take note of the full year EBITDA percentage growth rate projections(20-25 percent) from the current base.

 

http://files.shareholder.com/downloads/LVLT/1674661915x0x540974/bc47a996-f04f-41a1-9e15-ed9e5fddfe02/4Q11_External%20Earnings%20Deck_FINAL.pdf

 

Level 3 standalone performed stellar results inclusive of growing their Core Network, high margin, communication services revenues at nearly eleven percent--double digits--on an annual basis. Moreover, their CDN grew at nearly 100 percent year over year, so lookout Akamai!

 

As I see it today, Level 3 has all of its SALES ENGINES ROARING and will now replicate their METRICS to Global Crossing's prior operations, including assisting at straightening out their previous conundrum with UK govt. accounts according to Level 3's presence over there which is not to exclude their relationship with this world's oldest telecom company, British Telecom.  ;)

 

If you prefer some conservative number crunching with a cautiously optimistic flare heading into the summer, I recommend you read Rob Powell's take on this internet juggernaut this morning. His work is outstanding as usual.

 

http://www.telecomramblings.com/2012/02/level-3-q4/ 

 

 

 

[Sportgamma]

Hi ValueCarl,

 

Looking at my own decision making, most of my mistakes (and I make a lot them, btw) stem from the conformation bias. So I tend be on the look out for it, that´s all. No bash intended.

 

Thanks for bringing me up-to-date and providing me with these sources, I´m looking forward to read up on it.

[Ben Graham]

Level 3 not only provides service to deliver live local and national television streamed to mobile and connected devices, like this business - Syncbak: http://www.syncbak.com/about/

 

But, Level 3 also delivers video that is embeded in enterprise communications and federal government websites. ( We are going to be in bed with the Federal government, like we already are in the UK. )

 

James Crowe - "For some time now, we have said that video delivery over the Internet will come to dominate global communications traffic."

 

"Since owning bandwidth is a major determinant of both the cost of service and the product quality and features, we think we're in a great position, not just to meet the demand created by more and more video sold to individuals at their home entertainment, gaming, et cetera, but also the clearly growing demand to embed video in every enterprise communications, a trend we see clearly. A good portion of the growth that we see comes, for instance, from the federal government that increasingly embed videos in their websites, as do other enterprises."

 

"...there's this secular trend towards distribution of video..."

 

"We think you may find some weakness in the macro-economy. Certainly, that affects additional services provided by traditional carriers. But what we're selling to customers that we're addressing, we've seen no evidence. Let me put it this way. If we didn't read the papers, we certainly wouldn't see any weakness in demand."

 

Level 3 Communications' CEO Discusses Q4 2011 Results - Earnings Call Transcript

 

http://seekingalpha.com/article/350921-level-3-communications-ceo-discusses-q4-2011-results-earnings-call-transcript

 

 

[Ben Graham]

I found this dollar bill http://img.ibtimes.com/www/data/images/full/2011/12/28/210387-warren-buffett.jpg

on the sidewalk in front of the Kiewit Plaza in Omaha, Nebraska. Located at 3555 Farnam ST. at the corner of South 36th Street and home to the headquarters of Berkshire Hathaway.

 

To my amazement, when I turned it over it had this printed on the back.  http://images.digitalmedianet.com/prnewswire/2011/53/prn/20111004/LA77008LOGO.jpg ;)

[Guest ValueCarl]

Good morning Ben Graham! Can you smell the napalm burning in the air! One day, you will have to teach me everything you hold in your bag of tricks! I love your Buffett Buck!  8)

 

This is for my friend DCG. Get on the Level 3 Gravy Train, where the Buffett RAILROAD ties facilitate internet nirvana eyeball to eyeball seamlessly as well as "end to end"  in North America before the rest of the globe.   

 

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_A/threadview?m=tm&bn=700&tid=245020&mid=245080&tof=3&frt=2