Been away for some time.  Got a PM from Jamok re NOK and INFN.

INFN:  What an unmitigated disaster this management has been.  It is so disappointing to see that with very decent product they cannot execute well.  Management has been buying the stock, at this point I got to believe they have few fingers left from trying to catch this falling knife.  The acquisition of Coriant was a bit of a head scratcher, a desperate move??  Coriant (previously Telabs) used to have business with AT&T or Verizon, I cannot recall.  Wonder if they still do.  Telabs got acquired by a private equity and became Coriant.  It was not doing well.  It is hard to tell if it will help INFN get into the major Telcos. Going forward, however, it will depend on whether management can execute.  There is little room for error, after so many misteps.

NOK:  IMO, NOK management too has left a lot to be desired.  However, the up cycle is just begining to kick in, not in a big way but it is starting, whcih at lest means that the multi-year of famine is over. This will help NOK (and ERIC) significantly.  The Trump administration being so against Huaweii and ZTE is also a tail wind for both companies. I can see revenues at both companies lifting by 20% to 30% when the cycle is in full swing by mid 2020.  Profits should at least double from here.  NOK with a very broad product portfolio has the tools to perform well, but management has to do its part.  The reshuffling in Nokia's management ranks is IMO an acknowledgement that execution has been an issue.  Time will tell if they can correct it.

The 5G cycle should be a 5 to 6 year cycle, possibly longer. It will roll trhough the entire world in phases as all telcos eventually deploy the equipment.  The US, South Korea and China are deploying first, then Europe and Japan in late 2019, maybe even early 2020. Then, onto the rest of the world. Fixed 5G will also be deployed in the neighborhoods, competing with fiber and copper in the last mile.

All of these deployments should be healthy for all Wireless, Long Haul Optical, IP swithing and routing companies.  INFN should have a chance, assuming management is up to the task.