According to the Hulbert Financial Digest, from 1980 to 2002, Value Line's model portfolios have averaged a 16.3% annual return, versus 13.2% for the Wilshire 5000.

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Another advantage is Telekom's share price, which has risen by 160% since the start of 1999, giving it a market value of euro220 billion and making it theoretically feasible to digest all but the very biggest rivals.

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Mowrey, like Buckingham in the flagship Prudent Speculator newsletter (the top-ranked letter, according to the Hulbert Financial Digest, with a 21.6% annualized 15-year return), picks stocks based on value, preferring companies with shares that are out-of-favor and undervalued by investors.

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