Winds of Change

(1) Turbulent stock market has brought P/Es back to reasonable levels. (2) S&P 500 forward P/E now stands at 20-year historical average. (3) Certain sectors look particularly attractive. (4) Telecom faces volatile business environment, disrupted by consumer choice. (5) Telcos’ response: M&A. (6) Disruptor extraordinaire Jeff Bezos casts his sights beyond Earth.