$AT&T Inc(T)$  bearish Way back in 1993, AT&T (NYSE: T) traded for $15/share. At the time, it had a great position in landline telephony along with investments in emerging fields that would become the internet and mobile communications. AT&T shares would rally several times in the ensuing years as investors hoped AT&T would cash in on the new developments in the industry.

And yet, fast forward to today, and T stock trades for $15/share once again. The only meaningful return over that time came from the dividend. And even that is less generous than it used to be, as AT&T slashed its dividend in early 2022.

AT&T’s problems are mounting. Its huge debt load costs more than ever to serve its needs, given rising interest rates. The 5G rollouts were massively expensive and delivered only modest returns to date. And rising competition threatens to hurt pricing and reduce the firm’s cash flows.