RE:Irrational marketsWellnowexpert....
I agree that the market prowess in predicting the future is grossly overrated and that is a view from someone who worked on "the inside" for many years.
That said, I do think that it will take much than the "rats" moving on to pick another target before the sun will shine on BCE. The fact that its FCF doesn't come close to covering its dividend obligations is very real. As well, the competitive forces from companies like Freeedom Mobile are also real and will have the effect of squeezing profit margins for the foreseable future are also very real.
As an investor, and I don't think I am different from most in this regard, I look to where I can get the best risk adjusted return on my money. With what I said in the previous paragraph, the conclusion is really quite simple - I can make a better risk adjusted reutrrn elsewhere. There may well come a time in the future when it will be the opposite but right now that simply is not the case.