Long note released February 2005. The company disagreed vehemently with my assessment that it needed broadband access as part of its offering, waited a few months, and then went and bought Easynet. I am proud of this one, despite its somewhat odd and disjointed structure.
EuroTelcorama No. 5: Fragmentation is the name of the game
Daiwa Global Telecom Monthly, July 2004
Here I made a somewhat controversial case for why sell-side research would inevitably be marginalized.
Daiwa Global Telecom Monthly, September 2004
To my knowledge this is the first broker note published on Skype and its implications, only a few days after it launched.