Building the consumer facing networks is a lot harder and more expensive than building the core network. Level 3's capex is a fraction of that of companies like VZN or ATT.
1) That is what you said originally. You can change the argument if you like, that's cool.
2) Smaller companies are able to provider better service in rural areas or towns than VZN/ATT. It is the effects of capex on their stock price, not the fundamental economics.
Ya, they may not run it to single residential homes. That doesn't change the fact they can do it to something like an apartment complex or buisness park cheaper than VZN or ATT just fine.
And it isn't just them, there are dozens of these companies that are profitable and do this.
