Broadband & Communications Networks

Own the operators and equipment suppliers that deliver mobile and fixed-network connectivity, rather than another basket of data-center optical components. Recent weakness offers an entry into recurring connectivity revenue and network-upgrade spending: AT&T and Verizon trade at forward earnings multiples of 9.9x and 8.7x, respectively. Carrier capital-spending restraint and price competition remain the principal risks. Launch basket (equal weight): T, VZ, CSCO, CIEN, GLW, TMUS Rules: 1. No inverse, leveraged or volatility ETFs. 2. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.