> Definitely. If fiber provides a 10% return on investment, definitely. Telecoms return about 10% at scale. Startup stage of a telco is incredibly expensive; a

> Definitely. If fiber provides a 10% return on investment, definitely. Telecoms return about 10% at scale. Startup stage of a telco is incredibly expensive; and you typically won't see positive cash flow until a decade or so later (which is why it's usually financed by debt offerings; not equity or cash). Risk is also high; because if you enter the wrong market as an overbuilder, you can ensure nobody in the market (including yourself) will ever turn a profit. All in all, overbuilding a telecom is a high-risk, low-reward investment with a very long payoff period. There's a good reason there aren't more companies lining up to do it.