A stray tweet from the deep leather armchairs of the White House, and the newly symptom-free President walloped risk assets. No more speaks with the Democrats. The latest, trillion-dollar sized, stimulus bill is now dead in the water. Volatility spiked, stocks fell. With near term risks elevated, it is challenging for investors to gaze beyond the twitter feed and think long-term. And yet, long-term is where the real opportunities lie. Take 5G. 5G, in case you missed it, is the next generation wireless technology that is going to change the way we all live and work. Why? Well it’s a lot faster than 4G; about ten times faster. Some experts think it could, in time, be anything up to a hundred times faster. Which means downloading Nuns on the Run in ten seconds, rather than the seven minutes of 4G. It can also handle more connected devices: think phones, drones, cars, fridge freezers, toothbrushes and VR headsets. All of it, and many more products that are likely still being developed behind closed doors. The hype around 5G is about the speed, but latency matters too. Latency is the time it takes for a cell phone to make a request from a server and get a response; important when refreshing the Twitter feed, or betting on the 2.10 at Haydock. Latency in 5G is virtually nothing. It’s instant. Whilst 4G was Verizon’s pie, the 5G era is set to be dominated by T-Mobile, a company that has morphed via acquisition into a proper industry player. A challenger. It’s a totally different business, dominating a growing mobile segment of its own creation. The company’s 5G offer – with a coverage map two times bigger than industry goliath AT&T – is set to vault it into the thick bit of consumer decision making that starts to consider the obvious upside with 5G. In the background, the best-in-class management could well overdeliver on the recent $6bn synergy target of the recent Sprint deal. Some analysts – post a field trip to the Bellevue HQ – see T-Mobile on a double-digit FCF yield in 2023. Investors can make up their own minds if a double digit FCF yield – in the face of the defining 5G era – looks right.