The Globe and Mail reports in its Friday, Aug. 12, edition that in a research note on the telecom, media and tech sector, Desjardins Securities analyst Maher Yaghi says: "With more than $10-trillion (U.S.) of debt trading globally with a negative yield, investors, who historically allocated a portion of their portfolio to fixed-income securities, now find those securities acting more like commodities. Warren Buffett famously described this problem by saying: 'it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income over time." The Globe's David Leeder writes that Mr. Yaghi says, "Facing this dire situation, investors have been forced into corporate bonds in order to find a substitute for lost income. In so doing, the cost of debt for Canadian telcos has declined significantly. We estimate that cash flow for BCE and Rogers is being lifted by about $500-million (Canadian)/year each from these low rates versus what they would have paid if rates were at levels of 10 years ago." He rates BCE and Rogers "hold." He hiked BCE to $68 from $64 and Rogers to $61 from $56.