126. Spectrum – wireless carriers like AT&T and Verizon need spectrum or dedicated frequencies in which to operate their advanced cell phone networks.

The government operates auctions in which frequencies are licensed out.  Outside investors sometimes bid at these auctions so that they can lease the spectrum to the carriers.

There is also an investment play with spectrum where small radio stations are paid to give up a particular frequency band.

Investors look at spectrum as a way to generate income from wireless carriers.

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