market folly

Paul Singer's hedge fund firm Elliott Management has gone activist on AT&T (T), sending a letter to the board to outline what they feel is a 'compelling value-creation opportunity.  Elliott now owns $3.2 billion worth of shares and they see 65% upside to recent trading levels.

Elliott writes, "Elliott  made the investment in AT&T – among  its largest ever – because it exhibits a unique combination of historical underperformance,   a  depressed  valuation,  well-positioned  assets and  a clear path forward to generate extraordinary  value  for shareholders and other stakeholders."


Elliott's Letter to AT&T

Embedded below is Elliott's Letter & Presentation on AT&T.  It includes numerous charts and highlights T's valuation as well as struggling business lines:



You can also visit the website they've setup: activatingatt.com