Tech / Media / Telecom

Mr. Sagawa leads the Technology, Media and Telecom practices at SSR.  He has worked in and around the industries for over 20 years, including his 11 year tenure as a senior research analyst at Sanford C. Bernstein.  While at Bernstein, he was named to the Institutional Investor All-Star Team in three different categories, including the number one position in wire-line communications equipment after his prescient call in September 2000 noted that cash strapped telecom carriers would be unable to pay for technology purchase commitments and correctly predicted the subsequent collapse in the sector.  In his most recent position at Bernstein, Paul conceived and launched a new business area as the firm’s first Small Cap Equity Strategist. Prior to Bernstein, Paul spent six and half years at McKinsey and Company, rising to the position of technology sector specialist in recognition of his communications industry acumen.  His earlier experience includes three years as a sales representative for AT&T’s equipment business.  Paul earned his BA in Economics and MBA from Harvard University.

Coverage Universe

In order to understand dynamics at the sector, subsector and firm level, we monitor relative valuation and share price performance throughout technology, media and telecom. By tracking firms relative to their (cap-weighted) subsectors as well as subsectors relative to their sector and the broader market we are able to highlight high and low outliers, track variability in relative performance and steer our analysis to the most investable opportunities.  To do demonstrate this, we maintain and track quarterly model portfolios based on themes identified in our research. We typically add and remove constituents each quarter, and track performance between updates. Recent performance appears below.

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Recent Blog Posts

June 26, 2014 – Quick Thoughts: Google I/O – Android is here, there, and everywhere

Google’s I/O developer’s conference comes hot on the heels of Apple’s similarly hype-filled WWDC, putting the contrasts between the two companies in sharp focus and highlighting the ways in which their two flagship platforms are evolving to be more similar. The knock on Android has always been its fragmentation – a topic that Apple CEO Tim Cook gleefully used to tweak his archrival Google during his WWDC keynote. To that end, this year’s I/O theme was consistency. Android L, announced at the conference, will knit the ecosystem together with a thorough and thoughtful software design framework intended to give users a consistent experience across multiple brands and categories of devices, and to give hardware and software developers a consistent environment within which to build their products. This is very “Apple” of Google, although introducing the Android One reference design for sub-$100 smartphones was about as “un-Apple” as you can get. ...See more at our TMT blog

Research Archive

Registered clients can access the full-text of Paul Sagawa’s published research here. Recent work includes: US Telecom: Merger Mania! Telecom Bankers Rejoice! TMT: The Advertising Revolution Will Not Be Televised TMT: “Culture Eats Strategy for Breakfast!” eBay: Betting Big on the Future of Retail TMT: Don’t Rain on My IPO Facebook: Dream Until Your Dreams Come True SaaS: After the Levee Breaks – Competition in Software TMT: How the Mighty Can Fall Twitter: Out of the Nest, Into the Sky Smartphones Today: Looking High and Low Mobile Payments: From Cards, to Smartphones and the Cloud Mobile Devices: The PC-ification of the Smartphone The War on TV (4 part series covering set-top boxes, content, advertising, and service providers)  

Audio Archive

September 18, 2013: (Sagawa and Mason) Mobile Payments: Incumbents versus Innovators *Note audio files are secure, please contact your SSR sales rep for a login ID and password to access our research archive.

 

 

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