"Fixed fundamentals are the key to our Reduce 2 rating, with accelerating mobile substitution, cable threat and unbundling all pressuring the division, " the Swiss investment bank said in a note.
The battle for invisible, but highly valuable real estate, also finds the supposedly unified U.S. delegation taking divergent positions on whether a key portion of the spectrum currently used by fixed wireless operators in the U.S. - the 2, 500-MHz to 2, 690MHz band - should be opened up to mobile users.
Buffett's role the last few years has been to allocate capital to several key corporate acquisitions and investments in distressed corporate situations and special fixed-income investment strategies.