One of the things that will not be answered by any amount of discussion about 5G is how the huge increase in bandwidth expected in next generation cellular gets backhauled. But at Faultline we have assiduously tracked the ownership of fixed line assets throughout the US and Europe, anticipating the rising cost of backhaul to cellular only businesses, which have no such assets. Vodafone was, for many years, the one major cellco that we felt was out of kilter with the rest of the market and it realized this and has since acquired Kabel Deutschland and Ono in Germany and Spain, opened its own fiber operations in Spain, the Netherlands and the UK, and acquired Cable and Wireless broadband assets…