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 AB 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. The full review capturing data at the company level is available here TMT.Sector Screen 2.21.12 and by e-mailing Pylak@sector-sovereign.com or calling (203) 901-1634.
Recent Blog Posts
February 16, 2012 – Quick Thoughts: Comcast Gaining Speed but Runway is Short
Comcast’s 5% jump on its 4Q11 numbers capped a three month run that has added more than a third to company’s market value. Analysts viewing the results cheered the slowing of subscriber losses, which seems akin to wordsmithing a deceleration of the growth in the government budget deficit as a deficit cut. Some of the slowing in disconnects is seasonal, some of it is a sign of better economic conditions, and some of it may be fewer customers “cutting the cord”. I agree with Comcast management in so far as I believe that most of the video customer losses since 2008 were driven by economic choice, but question whether or not we can expect to see most of these erstwhile customers back for more $73 per month and rising video service once the household larder is a bit more full….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:
Multichannel TV: What, Me Worry?
Virtualization and “The Cloud”: No Silver Lining Ahead For Enterprise Data Center Vendors
Enterprise IT: Send in the Clouds
The Four Horsemen of the Internet
Audio Archive
New content coming January 2012