The Globe and Mail reports in its Wednesday edition that it is no coincidence that the companies we revile as consumers tend to be cash cows for those who own them. In a Globe special, Dale Jackson writes that the Big Three telcos -- BCE, Telus and Rogers -- pay dividend yields in the 4- to 5-per-cent range, and Andy Nasr, senior portfolio manager at Middlefield Capital Corp., considers them good long-term investments. The downside is that those generous dividends have prompted investors to drive up the stock prices. He also has concerns about the household trend of "cutting the cord," or forgoing traditional transmission of media, and streaming content through broadband Internet connections instead. Still, he adds, the big telcos have been aggressive in acquiring new technology before smaller competitors are able to pose much of a threat to revenue. A more recent threat to the telcos is consumer demand for more choice. The Big Three have managed to preserve market share despite repeated attempts by regulators to introduce a fourth major national wireless provider. "The oligopoly issue does raise competitive concerns in the telco sector, and you're seeing the CRTC chime in on that," Mr. Nasr says.