He is correct. In Germany the auctions for umts licenses costed 50 billion euros. These insanely high auctions (because every telco believed they need these fre

He is correct. In Germany the auctions for umts licenses costed 50 billion euros. These insanely high auctions (because every telco believed they need these frequencies and outbid everyone) has negative price impacts today, something which happened 20 years ago! Other countries had better outcomes, but you cant foresee how such an auction will go and which impact it will have.