Hi bob,

I use futures for speculation (anything big and liquid and under 6 months). I appreciate the long-only investment landscape is different. However, too many people speculate with investments, incurring too much cost in the process. And yes, some investors do also start to speculat without due care and attention to risk management disciplines and get burned.

If I wanted to express the Telco view long-only, I'd buy the london global ETF with 40bps of cost (TELG/TELW). Sentiment against in other regions is also sufficiently negative for the same reasons as in Europe. If, of course, you do see brass in muck!

Italy, for me, is futures if you can have the discipline on position-sizing to stand the M2M against an institutional consensus.

Best,
DEM