I read an article a while ago about some telecoms companies now at very attractive levels. They are at very low Price/earnings ratios as low as 10 with robust revunues and low debt. The author reasoned this asset class was still hated by investors after the technology blow out a couple of years ago and that because it is now receding into the past this asset class will become less and less hated. Also the internet and demand for broadband is really exploding now with websites like youtube using up an awful lot of bandwith which previously was unused. He says investors will not return in their droves but will return steadily.