Mike Cunningham

Back from Submarine Networks World in Singapore. Two days, around 1,200 people from across the subsea industry, and for the first time a dedicated security theatre running alongside the main programme. Five things I'm thinking about from the event. 1.The cable landing station is being questioned. I joined Joel Ogren (ASSURED), Avinash Verma (Nokia) and Kun Yan (China Unicom Global) on the panel "Data Centre Direct: bypassing the CLS, fad or the future?" Landing straight into a data centre optically removes a hop, eliminates points of failure, and reduces cost. Having two distinct network segments on land and in the water that are bookended by a CLS is starting to blur as the bookends are increasingly reduced. 2.AI demand arrives in big, fast blocks. The Nokia and Ciena keynotes both pointed to a capacity crunch. Unit-priced wavelengths don't suit that kind of demand. Fibre you own or control does, which is why more buyers are asking us about dark fibre and spectrum. 3.Security has moved into the main hall. Navies, NATO and policymakers sat alongside operators, and landing points were singled out as the weak spot. Plan as if the cut is coming. 4.Diversity means a different path. A second fibre in the same trench isn't a backup. Our Lake Ontario and CrossChannel routes exist to give customers paths that don't share the usual corridors. 5.More capital is available than ever before, but it is getting choosier. Money is there for operators and projects with real demand behind them. "Build it and they will come" only works if you already know who's coming. Thanks to Terrapinn, Joel and my fellow panellists. #SubmarineNetworksWorld #SubseaCables #DigitalInfrastructure

I always look forward to this event

The second book I finished this year was The Outsiders by William Thorndike Jr. I didn’t really know what to expect going in; the book was a recommendation from a friend of mine, Adam Janke, who gave it to me over the holidays. It was a very different read from Clear Thinking, which I had just finished prior. The Outsiders examines the CEOs of eight public companies that significantly outperformed both their respective industries and the broader market over long periods of time. These included leaders such as the well-known Warren Buffett, as well as John Malone at TCI, a cable company. The cable industry—having effectively converged with telecommunications—was of particular interest to me given my background in telecom at @CrosslakeFibre. What I found most compelling was the set of common traits and decisions shared by these CEOs that ultimately drove such sustained outperformance. While not explicitly emphasized, the power of compounding is evident throughout the book, particularly in the stock charts, where much of the outperformance occurs in the later stages of each company’s lifecycle. Although operational efficiency is clearly a prerequisite, the book’s central theme is effective capital allocation over long periods of time. The biggest takeaway for me was the discipline these CEOs showed in allocating capital—whether through mergers and acquisitions, capital expenditures, share buybacks (a very common tool), or dividends (which were surprisingly less favored). The consistent, rational deployment of capital mattered far more than short-term optics. Having each chapter focus on a specific CEO and company through these different biographical stories made for a surprisingly easy read for what is sometimes a more mundane topic.

A few months ago, I made a personal resolution—despite it not being New Year’s— why wait for January 1st, to prioritize the time to read. I wanted to read more, especially books that I genuinely enjoy, can help me in my professional life at @CrosslakeFibre, and that are approachable enough to build a sustainable habit. I have a large book collection and enjoy reading non-fiction but find it difficult to find the time. Over the past few months, I’ve finished a number of books. For me, this is a real accomplishment, given that I tend to read at the same pace that I speak. I thought it might be helpful to share the books I’ve read, along with a few comments on each that others might find interesting or even useful in their own growth. I bot this at the airport when looking for something on the plane when I knew my battery wasn’t going to last me the flight. #ClearThinking by @shaneparrish is a book really about decision making and frameworks that surround our thinking. The ingrained biases or defaults that we must guard against reminded me very much of elements of my financial education where the basis to good investment decisions requires you be guard against the ingrained biases when making rational investment decisions. It combines real stories that serve as examples, and practical measures that ones can take to form better habits and decision making that drive positive outcomes. Interesting read, I’d recommend to those who find frameworks in life useful for making decisions and approaches to situations that we encounter in both our professional and personal live. *If I don’t like a book I won’t spend the time to finish it.