The Globe and Mail reports in its Saturday edition that stocks considered oligopolies -- in which a few players dominate one sector -- have generated returns that have easily beaten the S&P/TSX Composite Index over the past 30 years, and they have done it with lower volatility. The Globe's David Berman writes that among the best oligopolies is Telus, which boasts a 10-year return, annualized, of 7.3 per cent. Canadian telco stocks have been struggling over the past two years amid rising interest rates, with players plowing big bucks into upgrading their fibre networks as Ottawa harps about high cellphone charges. Even so, these companies generate enormous profits, deliver attractive long-term returns and beckon with dividend yields that look downright spectacular right now. The appeal here is that businesses and consumers need connections no matter what the economy is doing, which gives the sector a defensive quality that has worked over the long term. Telus now trades at a lower price than in 2019, which has boosted its dividend yield to 6.7 per cent. Cory O'Krainetz at Odlum Brown said in a recent note, "The underlying business is growing nicely, and cash flows are increasing at a strong pace."