EchoStar and DirecTV have a good line in defying gravity. And that is not just when it comes to keeping their TV satellites in the sky. Since the beginning of last year, shares in both have risen by roughly 70 per cent in spite of a long-term slowdown in subscriber growth rates and mounting competitive threats.

There are some good reasons for this. Both stocks have bounced back alongside those of their cable rivals from excessive pessimism over the pricing impact of telecoms operators entering the video market. Pricing has so far been rational. There is a reasonable argument that it will remain so, if the telcos are not too successful in video (prompting a price response from cable) and the cable operators are not too successful in stealing phone customers.